NEW YORK (TheStreet) -- Globalstar (GSAT) - Get Report stock is up 15.09% to $1.22 on heavy trading on volume on Tuesday after the wireless communication company announced a partnership with Avidyne Corp. to develop products for the aviation sector.
The companies will develop satellite-based Internet and voice communications products together. Avidyne provides integrated avionics and safety systems for aircraft.
The new products could improve weather information and flight tracking for users in North America and Europe, the companies said in a statement today.
"We are laser-focused on continuing to make Globalstar the market leader for the growing data communications needs around the world," Globalstar CEO Jay Monroe said in a statement. "This partnership represents another step forward in that endeavor as we find ways to adapt our technology to the needs of the aviation sector."
So far today, 4.83 million shares of Globalstar have traded, compared to the company's 30-day average of 3.43 million shares.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: GSAT