Why Globalstar, Castor Maritime and Zomedica Shares Exploded Today

What happened

Actions of Globalstar (NYSEMKT: GSAT), Maritime Beaver (NASDAQ: CTRM), and Zomedica (NYSEMKT: ZOM) climbed 15%, 12% and 10%, respectively, on Wednesday, as traders continued their love affair with low-priced stocks.

So what

All three companies have experienced positive developments that have helped spur sharp increases 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 will significantly increase the number of devices that can connect to its network.

Castor Maritime, meanwhile, has expanded its fleet in recent days. The shipping specialist has made deals to buy two Kamsarmax dry bulk carriers so far in February, and it remains on the lookout for further 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 is expected to grow to $ 2.8 billion by 2024.

Image source: Getty Images.

While all three of these companies have attractive 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 sharp swings in their share prices have been largely on the rise. Zomedica, Globalstar and Castor Maritime are up 989%, 600% and 560%, respectively, so far in 2021.

Now what

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

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

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