Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
James Monroe III, director and key contributor of Globalstar Group Inc . (NYSE:), recently expanded his holdings in the company with a large stock purchase. According to the latest SEC filing, Monroe acquired a total of 1.5 million shares of Globalstar common stock in two days. The timing appears to be strategic, as GSAT has shown strong momentum with a 92% price return over the past six months and an 11% gain over the past week.
On December 26, Monroe purchased 500,000 shares at a weighted average price of approximately $2.10 per share, with transaction prices ranging from $1.985 to $2.145. The next day, he bought another 1 million shares at a weighted price of $2.13 per share, with a price range of $2.03 to $2.225. These transactions totaled $3.18 million. Although the company generated $ 84 million in EBITDA in the last twelve months, analysts maintain different price targets 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 an in-depth insight into GSAT quality and growth potential, InvestingPro offers an exclusive review and 8 more ProTips, as well as a full Research Report on what’s really important about this satellite communications company.
In other recent news, Globalstar, Inc. built revenue growth and expanded its 5G and Mobile Satellite Services (MSS) services. The company has reached an important milestone by deploying a 5G Radio Access Network on Band n53, four times the speed and running 5G automation and industrial applications. This technology is currently being used by the world’s largest retailer. Globalstar’s Band n53 is now available in 12 countries, potentially creating new revenue opportunities. In the MSS sector, the company reported about 260,000 active subscribers and $44 million in annual service revenue by 2023. In terms of budget, Globalstar expects its revenue to double more than $ 495 million in the long term.
In addition, Globalstar announced significant changes to its stock structure, including a separate stock split and a reduction in the number of authorized shares. The company has also successfully completed its first 5G data line using the Band n53 format and plans to list on the Nasdaq Global Select market in the first quarter of 2025.
In partnership with Globalstar, Quectel Wireless Solutions highlights the capabilities of their modules to provide a powerful connectivity solution. Globalstar reported a record Q3 revenue of $72 million, an increase of 25% from the same period last year, mainly driven by a 28% increase in service revenue. The company also received a 10-year license to expand its global applications in Mexico. Additionally, Apple Inc (NASDAQ: plans to introduce satellite connectivity to its Apple Watch Ultra in 2025, following its investment in Globalstar. These are some of the latest developments in the operation of Globalstar, Inc.
This article was created with the support of AI and reviewed by the editor. For more details, see our T&C.
