Director of Apple-backed satellite company makes $1 million insider buy
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Space — the final frontier, represents a wealth of possibilities, but efforts at commercialization have been relatively sparse. However, progress is afoot — whether through Elon Musk’s SpaceX and Starlink, rival Jeff Bezos and Blue Origin, or sympathy plays like BlackSky (NYSE: BKSY), for-profit ventures are increasingly turning to the cosmos, attempting to secure a foothold and first-mover advantage in an as-of-yet untapped sphere. There’s a crucial issue at play, however — a vast majority of those businesses are private. While it is possible to invest in them, mostly through specialized platforms, those are generally limited to accredited investors. That’s not to say that you’re completely out of options — for example, Globalstar Inc (NYSE American: GSAT) is one such publicly traded company — with a constellation of 24 satellites in low-Earth orbit used to provide satellite communications. The business recently got a $1.5 billion investment from Apple (NASDAQ: AAPL), which includes a 20% equity stake. At press time, GSAT stock was trading at $1.94, with year-to-date (YTD) returns of 3.48%. GSAT stock price YTD chart. Source: Finbold Such a large influx of capital from one of the world’s leading tech companies is certainly positive — but even more encouragingly, in a rare instance when it comes to insider transactions, one of the company’s largest shareholders recently doubled down — and purchased more GSAT stock. Board member loads up on GSAT stock Per data retrieved by Finbold’s insider trading radar from a recently publicized SEC filing, James Monroe, a member of Globalstar’s board, who owns at least 10% of the company, bought 500,000 GSAT shares on December 12. Form 4 filing detailing the purchase of GSAT stock. Source: SEC Executed at an average price of $1.97 apiece, the total value of the trade is approximately $985,000. Interestingly enough, unlike most…
Filed under: News - @ December 23, 2024 4:29 pm