Benzinga | Sep 2, 2021 09:11AM EDT

Why Globalstar's Stock Is Trading Higher Today

Globalstar, Inc. (NYSE:GSAT) shares are trading higher after the company received an additional advance payment of $37.5 million from a customer. The company will use the proceeds to repay a portion of the amount outstanding under its first lien credit facility.

Over the past 5 trading sessions, the stock has rallied approximately 64%. Earlier this week, the company's stock soared following a note sent out by an Apple analyst suggesting Apple could partner with Globalstar on bringing low-earth-orbit satellite communications functionality in the iPhone 13.

Globalstar Inc is a telecommunications company that derives revenue from the provision of mobile satellite services.

Globalstar shares are trading about 13.2% higher at $2.14 per share Thursday morning at the time of publication. The stock has a 52-wek high of $2.98 and a 52-week low of $0.29.