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Globalstar, Inc. (NYSE:GSAT) director and major shareholder James Monroe III recently purchased 50,000 shares of the company’s voting common stock, according to a Form 4 filing with the Securities and Exchange Commission. The transaction, which occurred on March 21, 2025, was executed at a volume-weighted average price of $22.3124 per share, amounting to a total value of approximately $1.12 million. The purchase comes as the stock has fallen significantly over the past three months, though it maintains a strong 24% return over the past six months.
The shares were acquired indirectly through Thermo Properties II, LLC, one of the entities through which Monroe holds his stake in Globalstar. This purchase increases Monroe’s indirect ownership of the company to over 947,000 shares.
Monroe, a significant figure in the satellite communications sector, holds various stakes in Globalstar through multiple entities, including Thermo Funding Company and Thermo XCOM LLC, among others. His latest acquisition underscores his continued confidence in the company’s prospects.
Globalstar, a provider of mobile satellite voice and data services, is headquartered in Covington, Louisiana. The company has been expanding its services and infrastructure to cater to a growing global market, and Monroe’s investment may reflect a strategic alignment with these corporate goals.
In other recent news, Globalstar Inc (NASDAQ:GSAT). reported its fourth-quarter 2024 earnings, revealing a significant shortfall in earnings per share (EPS). The company posted an EPS of -$0.42, missing the forecast of -$0.0012. However, Globalstar’s revenue exceeded expectations, reaching $61.17 million against a forecast of $60.24 million, marking a 17% year-over-year increase. Additionally, Globalstar maintains a strong cash position, ending 2024 with $391.2 million on hand. The company has also recently inaugurated a new Satellite Operations Control Center at its headquarters in Covington, Louisiana, which aims to enhance its satellite fleet management capabilities. This development is part of Globalstar’s strategic initiatives, including the expansion into 5G and the launch of new satellite solutions. Furthermore, the company plans to create 75 new jobs in Louisiana by the end of the year. Despite the EPS miss, Globalstar projects revenue between $260 million and $285 million for 2025, representing an anticipated 9% growth.
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