James Monroe III, a director and major shareholder of Globalstar, Inc. (NYSE:GSAT), has acquired 500,000 shares of the company's voting common stock. The shares were purchased at an average price of $1.9568 per share, totaling approximately $978,400. The timing is notable, as InvestingPro data shows the stock has experienced a -7.58% decline over the past week, though it maintains an impressive 80.56% gain over the last six months. This transaction increases Monroe's holdings in Globalstar, reflecting his continued investment in the satellite communications company. The purchase was made through Thermo Properties II, LLC, a related entity. Monroe's total direct and indirect ownership in Globalstar now spans multiple entities, including Thermo Funding Company and Thermo XCOM LLC, among others. According to InvestingPro analysis, the company operates with a moderate debt level and maintains a current ratio of 1.09, while generating $241.58M in revenue over the last twelve months. For deeper insights into GSAT's financial health and detailed insider trading patterns, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Globalstar Inc (NYSE:GSAT). reported a significant 25% increase in Q3 revenue, reaching $72 million, driven by a 28% rise in service revenue. The company also successfully completed its first 5G data call using Band n53 spectrum, marking a notable advancement in its technological capabilities. Globalstar's recent developments include a partnership with Apple Inc (NASDAQ:AAPL). to incorporate satellite communications into its devices, and a collaboration with MDA Space Ltd, which is expected to strengthen its market position. BMO Capital Markets projects over 25% growth for MDA Space Ltd, largely due to its partnership with Globalstar and Apple. Additionally, Globalstar has announced plans to list on the Nasdaq Global Select Market in the first quarter of 2025, alongside a reverse stock split. Lastly, the company has secured a 10-year authorization to expand its terrestrial applications in Mexico, following a successful bid in an auction conducted by the country's Instituto Federal de Telecomunicaciones.
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