What happened

Shares of Globalstar (NYSEMKT:GSAT), Castor Maritime (NASDAQ:CTRM), and Zomedica (NYSEMKT:ZOM) 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.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.