James Monroe III, a director and significant shareholder of Globalstar, Inc. (NYSE:GSAT), recently increased his stake in the company by purchasing 500,000 shares. The transaction, executed on December 17, was conducted at a price range of $1.885 to $1.94 per share, with a volume-weighted average price of $1.915, totaling approximately $957,500. The purchase comes amid notable price volatility, with the stock experiencing a 14% decline over the past week, though maintaining an impressive 83% gain over the last six months. According to InvestingPro data, GSAT trades within its 52-week range of $1.00-$2.74, with revenue growing at ~14% year-over-year.
Following this acquisition, Monroe's indirect holdings through entities such as Thermo Properties II, LLC, and others now include significant shares in Globalstar. His direct ownership stands at 653,668 shares, while indirect holdings through various trusts and partnerships sum up to millions of shares, reflecting his substantial investment in the company. For deeper insights into GSAT's insider transactions, valuation metrics, and comprehensive financial analysis, investors can access the detailed Pro Research Report available exclusively on InvestingPro.
In other recent news, Globalstar, Inc. has made significant strides in its technological capabilities and financial performance. The company successfully completed its first 5G data call and has reported a record Q3 revenue of $72 million, marking a 25% increase from the same period last year. Despite a 13.6% revenue growth year-over-year, analysts indicate the company is currently operating at a loss. Globalstar also announced its intention to list on the Nasdaq Global Select Market in the first quarter of 2025, alongside a reverse stock split.
In partnership with Globalstar, Apple Inc (NASDAQ:AAPL). is planning to introduce satellite connectivity to its Apple Watch Ultra by 2025. This feature will allow messaging without cellular or internet connections. BMO Capital Markets has projected over 25% growth for MDA Space Ltd, bolstered by a robust backlog and competitive standing, and its collaboration with Globalstar and Apple in manufacturing a new satellite constellation.
Lastly, Globalstar secured a 10-year authorization to expand its terrestrial applications in Mexico, following a successful bid in an auction conducted by Mexico's Instituto Federal de Telecomunicaciones. These are recent developments that highlight Globalstar's progress and growth potential.
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