Microsoft shares jump after fourth-quarter earnings beat on AI-fueled cloud growth
In a recent transaction reported to the Securities and Exchange Commission, Paul E. Jacobs, the Chief Executive Officer of Globalstar, Inc. (NYSE:GSAT), sold 209,546 shares of the company’s voting common stock. The shares were sold at a price of $22.52 each, amounting to a total transaction value of approximately $4.7 million. The sale comes as Globalstar, which generated revenue of $250.35 million in the last twelve months with an EBITDA of $88.59 million, trades at notably high valuation multiples according to InvestingPro data.
The shares were sold by Virewirx, Inc., formerly known as XCom Labs, Inc., in a private transaction. This sale was exempt from the registration requirements of the Securities Act of 1933, as amended, and was made to an affiliate of the Thermo Companies, which are under the control of James Monroe, III, Globalstar’s Executive Chairman. The transaction occurs as the company maintains a strong liquidity position with a current ratio of 3.16x.
Following this transaction, Jacobs holds 1,116,400 shares indirectly through a trust and 12,374 shares directly. The shares sold were initially acquired by XCom as consideration under a Support Services Agreement and related Intellectual Property License Agreement, as detailed in Globalstar’s previous filings with the SEC. For deeper insights into Globalstar’s valuation metrics and 8 additional key ProTips, visit InvestingPro, where you’ll find comprehensive analysis in our exclusive Pro Research Report.
In other recent news, Globalstar Inc (NASDAQ:GSAT). reported its fourth-quarter 2024 earnings, which revealed a significant miss in earnings per share (EPS), posting -$0.42 compared to the forecast of -$0.0012. Despite this, the company’s revenue exceeded expectations, reaching $61.17 million against a forecast of $60.24 million, marking a 17% year-over-year increase. Globalstar also announced the opening of a new Satellite Operations Control Center in Covington, Louisiana, which is expected to enhance its satellite fleet management capabilities. Additionally, the company plans to create 75 new jobs in Louisiana by the end of the year. Globalstar’s strategic initiatives include the launch of new satellite solutions and expansion into 5G, as highlighted by CEO Dr. Paul E. Jacobs. The company ended 2024 with a strong cash position of $391.2 million. Furthermore, Globalstar recently completed a successful uplisting to the NASDAQ Global Select Market and implemented a one-for-15 reverse stock split. Analyst discussions during the earnings call focused on the company’s strategic positioning and future growth prospects, with firms like Morgan Stanley (NYSE:MS) and B. Riley Securities providing insights.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.