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Why Globalstar, Castor Maritime, and Zomedica Stocks Surged Today

By Joe Tenebruso - Feb 10, 2021 at 9:41PM

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Trading is booming in these popular penny stocks.

What happened

Shares of Globalstar (GSAT -3.15%), Castor Maritime (CTRM -4.29%), and Zomedica (ZOM -0.27%) climbed 15%, 12%, and 10%, respectively, on Wednesday, as traders furthered their love affair with low-priced stocks.

So what

All three of these companies have had positive developments that have helped to spur sharp rallies in their share prices in recent weeks.

Globalstar announced on Tuesday that Qualcomm would include its Band n53 technology in the chipmaker's flagship 5G modem. Globalstar said the partnership would greatly expand the number of devices that could connect to its network. 

Castor Maritime, meanwhile, has expanded its fleet in recent days. The shipping specialist has reached agreements to buy two Kamsarmax dry bulk carriers so far in February, and it remains on the hunt for new acquisitions. 

Not to be outdone, Zomedica is preparing for the commercial launch of its Truforma diagnostic platform for dogs and cats on March 30. The veterinary health company is targeting a companion animal diagnostics market that's forecasted to grow to $2.8 billion by 2024. 

A person is pointing to a chart with several upwardly sloping lines.

Image source: Getty Images.

While all three of these businesses have intriguing growth prospects, another common factor between them is that their stocks all traded below $1 per share until recently. Like most penny stocks, trading in their shares has been volatile. Fortunately for shareholders, the violent swings in their share prices have largely been to the upside. Zomedica, Globalstar, and Castor Maritime are up a stunning 989%, 600%, and 560%, respectively, so far in 2021. 

Now what 

As highly traded low-priced stocks, investors should expect Zomedica, Globalstar, and Castor Maritime to remain volatile, yet captivating investments.

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Stocks Mentioned

Globalstar Stock Quote
Globalstar
GSAT
$1.23 (-3.15%) $0.04
Zomedica Pharmaceuticals Corp. Stock Quote
Zomedica Pharmaceuticals Corp.
ZOM
$0.22 (-0.27%) $0.00
Castor Maritime Inc. Stock Quote
Castor Maritime Inc.
CTRM
$1.34 (-4.29%) $0.06

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

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