- After switching suppliers to save $2 billion, satellite internet provider Telesat’s stock price increased by 50%.
- Buyers may monitor the eventual pullback to the $11 support zone to go long.
Telesat, a Canadian company that operates communications satellites, saw a spike in its stock price on Friday following the announcement that it would switch suppliers for its upcoming Lightspeed global internet network.
According to Telesat, the Lightspeed satellites will be built by Canadian space company MDA rather than French-Italian manufacturer Thales, saving an estimated $2 billion in total capital costs.
The first Lightspeed satellites are anticipated to be launched by the company in the middle of 2026.
TSAT stock broke out from the ascending triangle with strong volume.
Buyers may monitor the eventual pullback to the $11 support zone to go long.