Benzinga | Aug 31, 2021 02:02PM EDT

Why Globalstar Shares Are Falling

Globalstar, Inc. (NASDAQ:GSAT) shares are trading lower by 17% at $1.95 amid profit-taking after the stock gained Monday following a report Apple will add satellite capabilities to iPhones for usage in emergencies.

Globalstar shares were trading higher Monday following a note sent out by analyst Ming Chi-Kuo that the technology giant could partner with Globalstar on bringing low-earth-orbit satellite communications functionality in the iPhone 13.

Globalstar is a telecommunications company that derives revenue from the provision of mobile satellite services. The company provides communications services such as two-way voice and data transmission.

Globalstar has a 52-week high of $2.98 and a 52-week low of $0.29.