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James Monroe III, a director and ten-percent owner of Globalstar, Inc. (NYSE:GSAT), has recently acquired 25,000 shares of the company’s voting common stock. The shares were purchased at a volume-weighted average price of $20.7996 per share, amounting to a total transaction value of approximately $519,990. This purchase increases Monroe’s indirect holdings through various entities, including Thermo Properties II, LLC, and others. The timing is notable as InvestingPro data shows GSAT’s stock has declined 30.4% year-to-date, though analysts maintain price targets ranging from $25 to $60.
Monroe’s acquisition reflects his continued investment in Globalstar, a company known for its communication services. Following the transaction, Monroe holds a significant number of shares through multiple entities, including Thermo Funding Company and Thermo XCOM LLC, among others.
The transaction details reveal that the shares were acquired in multiple transactions with prices ranging from $20.6050 to $20.9600 per share. The volume-weighted average price was reported to ensure transparency in the transaction. Monroe’s holdings have been adjusted to reflect Globalstar’s recent 1-for-15 reverse stock split, effective February 10, 2025.
In other recent news, Globalstar Inc (NASDAQ:GSAT). reported its fourth-quarter 2024 financial results, revealing a significant shortfall in earnings per share (EPS) compared to analyst projections. The company posted an EPS of -$0.42, missing the forecast of -$0.0012, despite achieving a revenue of $61.17 million, which surpassed the expected $60.24 million. Revenue increased by 17% year-over-year, driven by service revenue growth and new product launches, though the EPS miss overshadowed these gains. Globalstar ended 2024 with a strong cash position of $391.2 million, supporting its strategic initiatives, including the launch of new satellite solutions and expansion into 5G. Additionally, Globalstar inaugurated a new Satellite Operations Control Center at its headquarters in Covington, Louisiana, marking a significant step in enhancing its satellite fleet management capabilities. The company plans to create 75 new jobs in Louisiana by the end of the year, further cementing the region’s reputation as a hub for technological innovation. On the analyst front, Globalstar’s strategic positioning and spectrum resources were highlighted, with an emphasis on long-term growth strategies. The company is projecting revenue for 2025 to be between $260 million and $285 million, with an adjusted EBITDA margin of around 50%.
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