James Monroe III, director and major shareholder of GlobalStar Inc. . (NYSE:), recently expanded its holdings in the company with significant share purchases. According to a recent SEC filing, Monroe acquired a total of 1.5 million Globalstar voting common shares in two days. The timing seems 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 next day, it purchased 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 amounted to approximately $3.18 million. While the company generated $84 million in EBITDA over the trailing twelve months, analysts are maintaining various 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. To get a deeper look into GSAT’s valuation and growth potential, InvestingPro offers exclusive analysis and 8 bonus ProTips, along with a comprehensive Pro Research Report that covers 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 (MSS) services. The company achieved a major milestone with a live 5G radio access network over the n53 band, quadrupling speeds and facilitating automation and industrial 5G applications. This technology is currently being implemented 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 more than $495 million in the long term.
Additionally, Globalstar announced significant changes to its share 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 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 its modules to offer robust connectivity solutions. Globalstar reported record third-quarter revenue of $72 million, a 25% increase from the same period last year, driven primarily by a 28% increase in services revenue. The company also obtained a 10-year authorization to expand its land applications in Mexico. Also, Apple Inc (NASDAQ:). plans to introduce satellite connectivity to its Apple Watch Ultra by 2025, following its investment in Globalstar. These are among recent developments in Globalstar, Inc. operations.
This article was generated with the support of AI and reviewed by an editor. For more information consult our T&C.