James Monroe III, a director and significant shareholder of Globalstar, Inc. (NYSE:), has acquired 500,000 shares of the company’s voting common stock. The shares were purchased on December 18 at a volume-weighted average price of approximately $1.9966 per share, amounting to a total investment of $998,300. The purchase comes as the stock has shown strong momentum, with a 78% gain over the past six months, trading near $1.90 in a 52-week range of $1.00-$2.74. The transactions were executed through Thermo Properties II, LLC, a related entity. Following these transactions, Monroe’s indirect ownership through various entities includes substantial holdings in Globalstar, with notable stakes in Thermo Funding Company and Thermo XCOM LLC, among others. While the company operates with moderate debt levels and posted 13.6% revenue growth, InvestingPro analysis reveals it remains unprofitable over the last twelve months. For deeper insights into insider trading patterns and comprehensive financial analysis, subscribers can access the detailed Pro Research Report.
In other recent news, Globalstar, Inc. has made significant strides in its operations. The company successfully completed its first 5G data call using Band n53 spectrum, marking a major advancement in its technological capabilities. This development builds on Globalstar’s previous 4G testing achievements, further strengthening its position in the market.
The company also reported a record Q3 revenue of $72 million, a 25% increase from the same period last year. This growth was primarily driven by a 28% rise in service revenue, leading to an adjusted EBITDA margin of 59%. Despite this growth, analysts anticipate that the company will continue to operate at a loss for the current year.
Globalstar also 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. This development allows the company to broaden its services within the Mexican market, aiming to provide enhanced connectivity solutions.
In partnership with Globalstar, Apple Inc (NASDAQ:). is planning to introduce satellite connectivity to its Apple Watch Ultra by 2025. This feature will allow messaging without cellular or internet connections, following Apple’s investment in Globalstar and its incorporation of satellite communications into its iPhones.
Lastly, Globalstar announced its intention to list on the Nasdaq Global Select Market in the first quarter of 2025, alongside a reverse stock split. This move is expected to increase visibility, shareholder diversity, and liquidity, aligning the company’s trading dynamics with those of industry peers.
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