Satellite services company Globalstar (NYSE:GSAT) is once again finding its mojo today. Indeed, the 4% rise in GSAT stock is a welcome departure from the trajectory this stock has been on over the past month. Since hitting a high of more than $2.75 per share in early September, shares of Globalstar have declined to the $1.50 level in recent days.
This near-halving of GSAT stock is notable, particularly in such a short amount of time. However, there’s a key reason for this.
Investors may remember that GSAT stock initially surged on rumors the company would be providing satellite services to Apple (NADSAQ:AAPL) for its upcoming iPhone 13. When Apple ultimately chose not to incorporate this feature, Globalstar investors were rightly let down.
That said, it appears these rumors are once again heating up. Let’s dive into what investors in Globalstar are assessing right now.
GSAT Stock Surges Again on Rumors of Apple Partnership
With the iPhone 13 rumors out of the way, speculators are now focusing in on the next potential catalyst for GSAT stock. For those on social media, it appears Apple’s upcoming hardware event on Oct. 18 is a good place to start.
This hardware event is expected to introduce new MacBooks, a higher-end Mac mini and potentially new AirPods. These product updates are expected to fall in line with other previous hardware events. However, speculation is building that a satellite service could still be in the works for some of Apple’s hardware devices.
Exactly which devices, and what degree of functionality would be offered, is up for debate. However, even the potential suggestion of such a partnership appears to be enough for investors.
Will this be another “buy the rumor, sell the news” scenario? We’ll see. But for now, investors looking to speculate on a momentum play appear to be targeting GSAT stock as one with big potential upside.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.