Why Globalstar Stock Just Jumped 40%
Shares of mobile satellite services provider Globalstar (NYSEMKT: GSAT) soared more than 42% through 3:30 p.m. EDT Monday, the first trading day after company CEO David Kagan appeared online at the 24th Annual Burkenroad Reports Investment Conference to provide a financial update on the company's historical progress and future plans.
Kagan's presentation stretches 22 pages in length and was mostly historical in nature, so it's hard to be 100% certain what, precisely, it is in that presentation that investors are responding to today. That being said, a few things jump out.
According to Kagan, Globalstar's overall revenue growth over the last five years has averaged just 7% per year, but the company's fastest growing division, which includes providing Internet-of-Things (IoT) services to commercial clients, grew twice as fast -- 14% annualized.
Source Fool.com
