Benzinga | Sep 14, 2021 02:53PM EDT

Why Globalstar Shares Are Falling

Globalstar, Inc. (NASDAQ:GSAT) shares are trading lower by 18.9% at $1.85 following Apple's fall hardware event. Traders were optimistic about Globalstar working with Apple to implement satellite capabilities to iPhones.

Globalstar shares were trading higher on August 13 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 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.