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James Monroe III, a director and ten percent owner of Globalstar, Inc. (NYSE:GSAT), recently acquired 25,000 shares of the company’s voting common stock. The shares were purchased at a volume-weighted average price of $21.71 per share, amounting to a total transaction value of $542,760. The transactions were executed on March 19, 2025, as disclosed in a recent SEC filing. The purchase comes as the stock trades at $21.61, down 33% year-to-date, though analysts maintain a bullish stance with price targets ranging from $25 to $60. According to InvestingPro, the company has shown strong returns over the past five years despite recent volatility.
Following this acquisition, Monroe’s indirect ownership through various entities, including Thermo Properties II, LLC, now stands at 872,273 shares. Additionally, Monroe holds significant shares through other entities such as Thermo Funding Company and Thermo XCOM LLC, among others.
This purchase further consolidates Monroe’s substantial stake in Globalstar, reinforcing his position as a major shareholder in the communications services company.
In other recent news, Globalstar Inc (NASDAQ:GSAT). reported its fourth-quarter 2024 earnings, revealing a significant miss in earnings per share (EPS) despite surpassing revenue expectations. The company posted an EPS of -$0.42, which fell short of the forecasted -$0.0012, while revenue reached $61.17 million, exceeding the anticipated $60.24 million. This revenue represents a 17% year-over-year increase, driven by service revenue and new product launches. The company’s strong cash position was highlighted, ending the year with $391.2 million on hand. Additionally, Globalstar projects its 2025 revenue to be between $260 million and $285 million, with an adjusted EBITDA margin target of around 50%.
In other developments, Globalstar recently opened a new Satellite Operations Control Center at its headquarters in Covington, Louisiana, further strengthening its satellite management capabilities. This expansion is expected to support the company’s growth in satellite communications. Moreover, Globalstar announced strategic initiatives, including the launch of new satellite solutions and expansion into 5G, to bolster its market position. The company also completed a transfer to the NASDAQ Global Select Market, implementing a one-for-15 reverse stock split to enhance stock liquidity and marketability.
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