James Monroe III, a director and significant shareholder of Globalstar Inc . (NYSE:), recently expanded his holdings in the company with substantial stock purchases. According to a recent SEC filing, Monroe acquired a total of 1.5 million shares of Globalstar’s voting common stock over two days. The timing appears strategic, as GSAT has shown strong momentum with a 92% price return over the past six months and an 11% gain in the past week.
On December 26, Monroe purchased 500,000 shares at a volume-weighted average price of approximately $2.10 per share, with transaction prices ranging from $1.985 to $2.145. The following day, he bought an additional 1 million shares at a volume-weighted average price of $2.13 per share, with prices ranging from $2.03 to $2.225. These transactions totaled approximately $3.18 million. While the company generated $84 million in EBITDA over the last twelve months, analysts maintain diverse price targets ranging from $0.99 to $5.00.
Following these acquisitions, Monroe’s direct and indirect holdings in Globalstar have increased significantly, reflecting his continued confidence in the company’s prospects. For deeper insights into GSAT’s valuation and growth potential, InvestingPro offers exclusive analysis and 8 additional ProTips, along with a comprehensive Pro Research Report covering what really matters about this satellite communications company.
In other recent news, Globalstar, Inc. has projected revenue growth and expanded its 5G and Mobile Satellite Services (MSS). The company achieved a significant milestone with a live 5G Radio Access Network over Band n53, quadrupling speeds and facilitating automation and industrial 5G applications. This technology is currently being deployed by a major global retailer. Globalstar’s Band n53 is now available in 12 countries, potentially creating new revenue opportunities. In the MSS sector, the company reported approximately 260,000 active subscribers and $44 million in annual service revenue in 2023. In terms of financial projections, Globalstar expects its revenue to double to over $495 million in the long term.
Additionally, Globalstar announced significant changes to its stock structure, including a reverse stock split and a reduction in the number of authorized shares. The company also successfully completed its first 5G data call using the Band n53 spectrum and plans to list on the Nasdaq Global Select Market in the first quarter of 2025.
In collaboration with Globalstar, Quectel Wireless Solutions highlighted the potential of their modules to deliver robust connectivity solutions. Globalstar reported a record Q3 revenue of $72 million, a 25% increase from the same period last year, primarily driven by a 28% rise in service revenue. The company also secured a 10-year authorization to expand its terrestrial applications in Mexico. Furthermore, Apple Inc (NASDAQ:). plans to introduce satellite connectivity to its Apple Watch Ultra by 2025, following its investment in Globalstar. These are among the recent developments in the operations of Globalstar, Inc.
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