Orbsat Corp (NASDAQ:OSAT) Stock Rockets On High Volume: How to Trade Now?
Global provider of IoT and connectivity solutions through satellite technology, Orbsat Corp (NASDAQ:OSAT) on 13th July announced its Global Telesat Communications entered in an agreement with Chinese multinational technology company Alibaba.com for supplying Gold on its website.
Presently, the Chinese technology company has over 26 million global active business partners giving service to more customers in more than 190 countries in 19 different languages. It receives 340,000 product inquiries and daily over 20,000 RFQ’s.
GTC will expand significantly its e-commerce presence with this launch and Orbsat anticipates the quarter three launch with an extensive range of satellite IoT and connectivity products.
The tracking can harness a number of ground station-based network processors to monitor location of trucks, cars, containers, animals amongst others. It is estimated that a catalog of 500+ products of Orbsat will be available by first quarter of 2022.
Charles M. Fernandez, Chairman and CEO of Orbsat, said that the launch on the world’s largest B2B platform will significantly accelerate the company’s global expansion plans and deepen its ecommerce reach into every country allowing it serve customers globally.
Fernandez added that online shopping has witnessed stupendous growth due to the pandemic and will be the preferred channel both for consumers and businesses wanting to research and buy its satellite IoT and connectivity products and services.
Market Reaction:
As of 11:53, OSAT stock surged 50% at $10.01 with more than 83.13 million shares, compared to its average volume of 1.88 million shares. The stock had moved within a range of $ 9.63 – 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.
