Why Globalstar Stock Is Ripping Through The Roof Today

What's Moving: Globalstar Inc (NYSE: GSAT) shares are trading about 30% higher at $1.86 in the pre-market session on Monday. The Covington, Louisiana-based satellite communications company's shares last closed 5.9% higher at $1.43 on Friday.

Why Is It Moving: GSAT shares are trading higher following a note sent out by popular Apple Inc. (NASDAQ: AAPL) analyst Ming Chi-Kuo that the technology giant could partner with Globalstar on bringing low-earth-orbit satellite communications functionality in the highly-anticipated iPhone 13 (Read more).

Globalstar shares have a 52-week high of $2.98 and a 52-week low of $0.29. B. Riley Securities analyst Mike Crawford initiated coverage on Globalstar with a Buy rating and a price target of $3.25 in June.

The company has been seeing increased interest this year, jumping as much as 84% in a day in February after it announced that Qualcomm Inc (NASDAQ: QCOM) would add the former's Band n53 to its new flagship X65 modem. In July, Globalstar announced a partnership with FocusPoint International.

Globalstar reported a total revenue of $30.28 million in the second quarter, compared to $30.36 million in the year-ago period. Net loss dropped to $21.45 million, compared to $24.7 million in the same quarter a year ago.