Shares of French satellite operator Eutelsat
skyrocketed almost 390% last week — and a potential change of tack in European defense has been helping the rally.
The firm’s stock price saw wildly volatile moves last week, up by as much as 77% on Tuesday and by another 120% on Wednesday. From its closing price on Feb. 28 to last Friday’s close, shares have risen an eyewatering 387%.
Eutelsat’s shares continued to climb on Monday, jumping more than 22% as of 1:00 p.m. local time in Paris.
What’s behind Eutelsat’s huge share price gains? CNBC runs through all you need to know.
What is Eutelsat?
Eutelsat is a French company that produces satellites for data connectivity. The business sends its satellites to space using rockets from the likes of Elon Musk’s SpaceX, deploying them into both low earth orbit (LEO) and into geostationary orbit (GEO).
Following a deal to combine its operations with British satellite firm OneWeb in 2023, Eutelsat became the world’s third largest satellite operator in terms of revenues. It competes with Musk’s Starlink satellite internet venture, a subsidiary of SpaceX.
