/A%20concept%20image%20of%20space_%20Image%20by%20Canities%20via%20Shutterstock_.jpg)
EchoStar (SATS) stock rallied as much as 12% on Wednesday following reports that SpaceX plans on filing for an initial public offering (IPO) as early as next week. The surge pushed SATS well past its 50-day moving average (MA) this morning, signaling upward momentum may continue in the near term.
Despite today’s gains, EchoStar stock remains down nearly 10% versus its YTD high in January.