Field Solutions (ASX:FSG) share price reaches multi-year high. Here’s why

The Field Solutions Holdings Ltd (ASX: FSG) share price soared to a multi-year high after announcing a positive update. Here’s the details.

| More on:
5G COMING OUT OF PHONE

Image source: Getty Images

The Field Solutions Holdings Ltd (ASX: FSG) share price is rising in late afternoon trade. This comes after the company announced it had secured 5G spectrum for rural, regional and remote parts of Australia.

The telecommunications carrier and technology company provides connectivity for rural, regional and remote areas. It builds fixed wireless networks, employing technologies such as fibre and fixed wireless spectrum.

After reaching a multi-year high of 8.2 cents in morning trade, the Field Solutions share price is trading up 7.35% at 7.3 cents, at the time of writing.

What did Field Solutions announce?

In today’s release, Field Solutions advised it has been allocated 5G millimetre wave spectrum (26GHz) to 85% of Australia’s landmass.

The company currently operates networks in New South Wales, Queensland, Tasmania, Victoria, and the Northern Territory. A recent government contract award approved Field Solutions to develop infrastructure assets in rural areas across the grain belt region. The company estimated its network would cover more than 90,000sq km by the end of the year.

The granted licences will enable Field Solutions to deploy its network in locations that don’t have 5G services. The company noted that the agricultural sector and a change in working trends were driving the increase in regional areas.

The company expects to start rolling out its 5G network within the next 6 months. Field Solutions revealed that deployment areas were based on local demand, government funding, and business strategy.

Words from the CEO

Field Solutions CEO Andrew Roberts welcomed the progress, saying:

FSG has secured 5G spectrum holdings to ensure that rural, regional and remote Australia is not left behind in the rollout of 5G services. We needed to secure this spectrum to ensure we can deploy superfast services within our target markets.

5G deepens our long-term commitment to the bush, and ensures FSG remains the leading provider of services for rural, regional and remote Australia.

Field Solutions share price review

After falling to a 52-week low of 1.8 cents in April last year, the Field Solutions share price has accelerated since. The company’s shares reached a multi-year high of 8.2 cents today, reflecting a gain of more than 300%.

Based on the current share price, Field Solutions has a market capitalisation of close to $40 million.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

a man sits at his desk wearing a business shirt and tie and has a hearty laugh at something on his mobile phone.
Share Market News

Why is the Pilbara Minerals share price climbing today?

Investors could be responding well to news out of Pilbara's camp.

Read more »

A man in suit and tie is smug about his suitcase bursting with cash. representing the large amount of cash that Bigtincan reported in its quarterly update which has made the Bigtincan share price rise today
Share Market News

2 ASX shares I’d buy with $1,000

Jewellery retailer Lovisa is one of the ASX shares I would invest in.

Read more »

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought
Share Market News

5 things to watch on the ASX 200 on Tuesday

Here's what to expect on the ASX 200 on Tuesday...

Read more »

Top 10 ASX 200 shares today
Share Market News

Here are the top 10 ASX shares today

Here are your top 10 biggest gainers in the ASX 200 on Monday.

Read more »

blue arrows representing a rising share price ASX 200
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Monday

We take a look at the most traded ASX 200 shares by volume today.

Read more »

Model bear in front of falling line graph, cheap stocks, cheap ASX shares
Share Market News

These are the 10 most shorted ASX shares

Short sellers are currently targeting these ASX shares...

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Cryptocurrencies

Can regulators prevent another US$45 billion crypto stablecoin meltdown?

Terra's LUNA token, meant to help its UST token remain pegged to the US dollar, has lost 99.99% of its…

Read more »

A male sharemarket analyst sits at his desk looking intently at his laptop with two other monitors next to him showing stock price movements
Share Market News

ASX 200 midday update: Brambles rockets, Goodman upgrades guidance

The ASX 200 is having a decent start to the week...

Read more »