Orbsat Corp (NASDAQ:OSAT) Stock Attempts To Rebound: How to Trade Now?
Orbsat Corp (NASDAQ:OSAT), a global provider of connectivity and IoT solutions harnessing satellite technology on 13th July saw its stock price surging as it announced entering in an agreement with global ecommerce giant, Alibaba through its Global Telesat Communications unit. The company will be facilitating gold supply on the Chinese multinational website.
Home to more than 26 million active business partners from the world in 190 countries and receiving more than 340,000 enquiries and 20,000 RFQs daily, GTC will facilitate Alibaba portal. Orbsat, headquartered in Florida, provides communications across large number of markets and industries including agriculture, media, marine shipping , utilities amongst others.
Orbsatis expecting to launch new storefront by third quarter with a range of connectivity products as well as satellite IoT. Charles M. Fernandez, Chairman and CEO of Orbsat, said that the company is expediting efforts on global expansion and deepening ecommerce reach into almost every country to serve enterprise customers in various parts of the world. He also believes that e-commerce will be the main medium in the long-term both for consumers as well as businesses and hopes to secure new alliances with connectivity partners like CubeSat.
Orbsat’scomplete list of 500+ products and connectivity will be available on Alibaba.com by the quarter one of 2022.
Market Reaction:
On Tuesday, OSAT stock soared 40.33% at $9.36 with more than 92.97 million shares, compared to its average volume of 1.91 shares. The stock had moved within a range of $8.88 – 14.85 after opening the trade at $12.29. Over the past 52-week, the stock has been trading within a range of $1.90 – 14.85.
