James Monroe III, director and significant shareholder Globalstar Inc . (NYSE: ), has recently expanded its holdings in the company by purchasing significant shares. According to a recent filing with the SEC, Monroe acquired a total of 1.5 million shares of Globalstar’s voting common stock in two days. The timing seems strategic, as GSAT has shown strong momentum with a price recovery of 92% over the past six months and an 11% gain in the past week.
Monroe purchased 500,000 shares on Dec. 26 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 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. In total, these transactions amounted to approximately $3.18 million. Although the company generated $84 million of EBITDA in the last twelve months, analysts maintain various price targets ranging from $0.99 to $5.00.
Following these acquisitions, Monroe’s direct and indirect stake in Globalstar increased significantly, reflecting his continued confidence in the company’s prospects. For a deeper insight into GSAT’s valuation and growth potential, InvestingPro offers exclusive analysis and 8 additional expert tips, along with a comprehensive professional research report that covers what really matters about this satellite communications company.
In other recent news, Globalstar, Inc. has forecast 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 the n53 band, 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 revenue to double to more than $495 million in the long term.
In addition, 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 deliver robust connectivity solutions. Globalstar reported record third-quarter revenue of $72 million, up 25% year-over-year, primarily driven by a 28% increase in service revenue. The company also secured a 10-year authorization to expand its terrestrial applications in Mexico. Furthermore, Apple Inc (NASDAQ: ). plans to bring satellite connectivity to its Apple Watch Ultra by 2025, after investing in Globalstar. These are among the recent developments in the business of Globalstar, Inc.
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