James Monroe III, a director and significant shareholder of Globalstar, Inc. (NYSE:GSAT), recently acquired 500,000 shares of the company's voting common stock. The shares were purchased on December 19 at a volume-weighted average price of approximately $1.8874 per share, totaling an investment of $943,700. The purchase comes amid GSAT's strong momentum, with the stock showing a 74% gain over the past six months. According to InvestingPro data, analysts have set price targets ranging from $0.99 to $5.00 for the stock. This acquisition was conducted indirectly through Thermo Properties II, LLC. Following this transaction, Monroe holds a substantial position in Globalstar through various entities, with notable holdings including 933,409 shares directly owned by Thermo Properties II, LLC, and significant stakes through other entities such as Thermo Funding Company and Thermo XCOM LLC. While the company operates with moderate debt levels, InvestingPro analysis reveals additional key insights about GSAT's financial health and valuation metrics in their comprehensive Pro Research Report.
In other recent news, Globalstar, Inc. has approved a reverse stock split and a reduction in authorized shares. The company has also reported a Q3 revenue of $72 million, a 25% increase from the same period last year, primarily driven by a 28% rise in service revenue. Additionally, Globalstar has secured a 10-year authorization to expand its terrestrial applications in Mexico.
In the technological front, the company has achieved its first 5G data call using the Band n53 spectrum. In partnership with Globalstar, Quectel Wireless Solutions has also highlighted the potential of their modules to deliver robust connectivity solutions.
In other developments, Apple Inc (NASDAQ:AAPL). is planning to introduce satellite connectivity to its Apple Watch Ultra by 2025, following its investment in Globalstar. MDA Space Ltd, in collaboration with Globalstar and Apple, is projected to experience over 25% growth by BMO Capital Markets.
These are recent developments in the operations of Globalstar, Inc.
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