Exploring Globalstar, Inc. (GSAT) Investor Profile: Who’s Buying and Why?

As a seasoned investor, you've likely seen a lot of satellite plays, but Globalstar, Inc. (GSAT) presents a truly unique ownership puzzle: how do you value a company where insiders, led by James Monroe, control an extraordinary 61% of the shares, while institutional giants like Vanguard Group Inc. and BlackRock, Inc. are still accumulating positions? That heavy insider concentration is a massive signal, but it means the institutional slice-held by over 361 firms-is fighting for a smaller piece of the float. This is a stock where the investment thesis hinges on the wholesale capacity revenue stream, which is driving the company's 2025 financial outlook, with management guiding for total revenue between $260 million and $285 million and an Adjusted EBITDA margin around 50%. Are the institutions buying for the long-term satellite-to-phone story, or are they simply chasing the near-term growth implied by that 50% margin? Let's dig into who is buying and why they are willing to accept such a low institutional ownership percentage.

Who Invests in Globalstar, Inc. (GSAT) and Why?

If you're looking at Globalstar, Inc. (GSAT), you're looking at a fascinating, high-conviction stock. The investor profile isn't a typical mix of passive institutional money and small-time retail traders; it's dominated by a core group of insiders, so your investment thesis must align with that long-term, high-stakes vision.

The ownership structure tells you right away that this is a company where management and large individual shareholders have their wealth tied directly to the stock's future. It's a definite sign of alignment, but it also concentrates power, which is something you need to be defintely aware of.

Key Investor Types: The Insider-Driven Structure

The most striking feature of Globalstar's investor base is the overwhelming control held by its insiders. This isn't common for a publicly traded company, and it means the biggest buyers and holders are the people running the business.

As of late 2025, individual insiders-primarily the company's founders and executives-own a substantial majority, hovering around 61% of the outstanding shares. This group includes the largest shareholder, James Monroe, whose stake alone is near 58-59%. Compare this to the institutional and retail breakdown:

Institutional investors, like Vanguard Group Inc and BlackRock, Inc., are significant players, holding a combined total of millions of shares, but their percentage ownership is still dwarfed by the insiders. These institutions often hold shares for passive index tracking, but the presence of more active funds suggests a belief in the company's growth story. Honestly, hedge funds don't have a meaningful investment here, which is typical for a stock where the float (the number of shares available for trading) is relatively small due to insider control.

Investment Motivations: Betting on Future Capacity and IoT

Investors are buying Globalstar, Inc. for one reason: growth, not income. The company does not pay a dividend, so nobody is holding this for yield.

The core motivation is tied to the company's transition from a niche satellite communications provider to a major player in the wholesale capacity and Commercial Internet of Things (IoT) space. Growth is fueled by two primary areas:

• Wholesale Capacity Services: Revenue growth is strongly linked to its strategic partnership with a major technology partner (implied to be Apple), which uses Globalstar's satellite capacity for services like Emergency SOS.
• Commercial IoT Expansion: New products, like the RM200M two-way satellite IoT module and the XCOM RAN terrestrial wireless platform, are opening new, high-growth markets like oil & gas, defense, and logistics.

Management is confident in this trajectory, reiterating a 2025 total revenue guidance between $260 million and $285 million, with an Adjusted EBITDA margin expected to be approximately 50%. That's a strong margin, but it comes from a business that is still heavily investing in its infrastructure, like the C-3 system ground upgrades, which is a major capital expenditure. You're betting on the execution of this massive infrastructure build-out. To understand the full scope of this ambition, you should review the company's long-term goals in its Mission Statement, Vision, & Core Values of Globalstar, Inc. (GSAT).

Investment Strategies: Speculative Growth, Not Value

Given the company's financial profile-negative earnings per share (EPS) but a high price-to-sales (P/S) ratio-the stock is not a value investment. Frankly, a Discounted Cash Flow (DCF) analysis in late 2025 suggested the stock was overvalued by over 240%, which immediately rules out a traditional value approach.

The typical strategies you see in Globalstar, Inc. investors are:

• Speculative Growth: This is the dominant strategy for active investors. They are willing to tolerate above-average risk, betting on the company's future execution and the successful monetization of its spectrum and satellite network. This is a high-risk, high-reward play.
• Long-Term Passive Holding: Large index funds like Vanguard and BlackRock hold the stock primarily because it's part of the indices they track. Their investment horizon is essentially permanent, providing a stable floor of ownership.
• Short-Term Trading: The stock's high volatility, with a 133.1% share price increase over the past year, makes it attractive for short-term traders looking to capitalize on news-driven swings, like partnership updates or new product announcements.

If you're buying, you must have a long-term horizon, ideally five years or more, because the stock is highly susceptible to volatility, and the true payoff is years away when the new infrastructure is fully operational and generating the forecasted $1 billion in service revenues by 2030. Here's the quick math: the stock's performance is tied to massive capital projects, so you need patience for the investment to mature.

Institutional Ownership and Major Shareholders of Globalstar, Inc. (GSAT)

You want to know who is really buying Globalstar, Inc. (GSAT) and why the stock has been so volatile this year. The short answer is that while institutional money is flowing in-a clear vote of confidence-the company's fate is still overwhelmingly controlled by a single insider. This dual structure creates both stability and a unique risk profile you need to understand.

As of the most recent filings (Q3 2025), total institutional ownership sits at approximately 24.24% of the total shares outstanding, representing a total value of holdings over $1.859 billion. That's a significant chunk of capital, but it's dwarfed by the 61% stake held by individual insiders.

Top Institutional Investors and Their Positions

When we look at the major institutional holders-the mutual funds, pension funds, and asset managers-two names stand out, which is common for a company included in major indices. These are the passive investment behemoths that give Globalstar, Inc. a baseline of institutional credibility.

The top two institutional owners, as of September 30, 2025, are The Vanguard Group, Inc. and BlackRock, Inc.. Their positions reflect the company's inclusion in various index funds, but their sheer size makes them important players, defintely.

• The Vanguard Group, Inc.: Holds 5,233,721 shares, valued at approximately $316,326,000.
• BlackRock, Inc.: Holds 3,829,193 shares, valued at approximately $231,436,000.

Beyond the index funds, the list includes active managers like Greenhouse Funds LLLP and Ashford Capital Management Inc., who hold meaningful positions and signal a belief in the company's specific strategy, especially around its spectrum assets and the Globalstar, Inc. (GSAT): History, Ownership, Mission, How It Works & Makes Money business model.

Recent Shifts: Institutional Accumulation is Up

The trend over the last fiscal year has been a net accumulation by the smart money. This is a critical near-term signal. In the quarter leading up to late October 2025, total shares owned by institutions increased by 6.90% to 31,940,000 shares.

Here's the quick math: Filings show 112 institutions increased their positions in Q3 2025, while only 61 decreased them. The big players are adding, not selling off.

For example, BlackRock, Inc. increased its stake by 142,554 shares, a 3.867% jump in its position, and The Vanguard Group, Inc. added 141,451 shares, a 2.778% increase. This isn't a massive, disruptive buying spree, but it's a steady, positive flow that reinforces the bullish sentiment. It suggests that fund managers are comfortable with the company's long-term growth story.

The Dual Impact of Institutional and Insider Control

The role of these large investors in Globalstar, Inc.'s stock price and strategy is complex because of the company's unique ownership structure. Institutional buying provides a floor for the stock price and adds legitimacy, which is why analysts have a consensus Buy rating with a revised average one-year price target of $63.24 per share as of October 2025.

The accumulation trend is reflected in the market sentiment, too. The low put/call ratio of 0.15 indicates a highly bullish outlook among options traders, which often follows institutional buying. The stock's total shareholder return over the last year is an impressive 131%, which is a direct reflection of this shifting sentiment.

But here's the caveat: Institutional investors only hold about a quarter of the company. The real power is with individual insiders, particularly James Monroe, who holds roughly 58% of the shares. This level of insider control means that major strategic decisions-like asset sales, capital allocation, or a potential sale of the company-will be driven by the interests of that core insider group, not necessarily the institutional shareholders. While this alignment can be positive for long-term expansion, it also means institutional investors have limited ability to challenge management or force a strategic change. It's a high-conviction bet on the insider's vision.

Key Investors and Their Impact on Globalstar, Inc. (GSAT)

If you're looking at Globalstar, Inc. (GSAT), the investor profile tells a story of two distinct groups: the long-term institutional anchors and the highly influential insiders. The takeaway is clear: the stock's valuation and movement are less about traditional metrics and more about the strategic value of its assets, especially its terrestrial spectrum, and the actions of its largest shareholder.

The institutional side is anchored by the usual suspects, those mega-funds that hold positions in nearly every major U.S. company. As of September 30, 2025, The Vanguard Group, Inc. and BlackRock, Inc. are the largest institutional holders. Vanguard Group Inc. held over 5.23 million shares, and BlackRock, Inc. held over 3.82 million shares.

These positions, while large in share count, are mostly passive. They own Globalstar, Inc. because it's part of a broader index fund or a sector-specific exchange-traded fund (ETF). Their influence is primarily through capital stability, providing a floor of demand, but they don't typically drive strategic company decisions. Other notable institutional players as of Q3 2025 include Greenhouse Funds LLLP, State Street Corp, and Geode Capital Management, Llc.

The real power in Globalstar, Inc.'s shareholder base rests with the insiders, particularly Director James Monroe. As of October 2025, insiders collectively own a significant stake, with Monroe holding a massive position, estimated at around 58% of the company's shares. This level of control means his confidence and strategic vision are paramount to the company's direction and stock performance. You simply cannot ignore a majority shareholder's perspective.

Monroe's influence is direct and tangible, especially when it comes to the company's potential future. His reported target for a potential sale of Globalstar, Inc. is over $10 billion, a figure that is more than double the company's market capitalization at the time of the discussion. This strategic ambition is what truly moves the stock, not just the quarter-to-quarter earnings. You can read more about what drives this long-term vision in the company's core principles: Mission Statement, Vision, & Core Values of Globalstar, Inc. (GSAT).

Recent Investor Moves and Market Reaction

In 2025, we saw a mixed bag of insider activity, which is common as a stock's valuation rises sharply. The stock delivered a remarkable 119% return over the year leading up to November 2025, which naturally triggers some profit-taking and tax-related sales.

The most important recent move was a buy. In March 2025, Director James Monroe demonstrated his conviction by purchasing an additional 25,000 shares of Globalstar, Inc. stock, valued at $545,750. This purchase, right before a major strategic announcement, signals strong internal belief in the future growth story.

Conversely, there were some notable insider sales in November 2025. These were largely attributed to covering taxes due upon the vesting of restricted stock awards, which is a defintely common practice and not necessarily a sign of a lack of confidence.

• General Counsel Ponder L Barbee IV: Sold 9,790 shares for $570,994 on November 17, 2025.
• VP & CFO Rebecca Clary: Sold 17,504 shares netting approximately $1,023,897 in mid-November 2025.

The biggest driver of stock movement, however, was the speculation around a strategic sale. Discussions about a potential sale, including talks with companies like SpaceX, caused the stock to jump nearly 27% in November 2025. This shows that investors are betting on a strategic event to unlock the value of the company's assets, especially its Band 53/n53 terrestrial spectrum.

The Investment Thesis: What They're Buying

Investors are buying into the company's strategic position as a hybrid satellite and terrestrial wireless spectrum player. The investment thesis is centered on the value of its assets and partnerships, especially given the company's improving financial trajectory in 2025. Here's the quick math on the operational side:

The core of the investment is the belief that the company's full-year 2025 projected revenue range of $260 million to $285 million, coupled with a healthy Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin of approximately 50%, is just the start. The major opportunity lies in the underutilized terrestrial spectrum, which analysts see as a key asset that will drive future acquisition speculation. Investors are positioning themselves for that valuation unlock, accepting a high price-to-book ratio of 21.89 in the near-term for the long-term gain of a strategic transaction.

Market Impact and Investor Sentiment

The investor sentiment toward Globalstar, Inc. (GSAT) is best described as cautiously positive accumulation, driven by institutional conviction in the long-term potential of its spectrum assets and key partnerships, even as the stock price remains volatile. The market is defintely trying to reconcile a high-growth narrative with the reality of a capital-intensive business model. This translates to institutional investors, like Vanguard Group Inc. and BlackRock, Inc., holding significant stakes while the stock experiences sharp, news-driven swings.

You saw this volatility play out in November 2025. Shares jumped 16.8% on November 10, 2025, after Globalstar, Inc. reported record third-quarter revenue of $73.8 million and its major wholesale capacity customer, Apple, announced plans to expand satellite features. But just a week later, on November 18, 2025, the stock fell 7.9% on lighter volume, reflecting broader market caution about high valuations and some insider selling. The stock's price has still increased by 131.85% between November 2024 and November 2025, showing the underlying belief in the company's trajectory. You need to understand this is a story stock, not a steady-state utility.

The Institutional Footprint: Who's Driving Accumulation?

Institutional ownership is a critical bellwether, and for Globalstar, Inc., it signals a strong belief in the company's future, particularly its terrestrial wireless spectrum assets. As of the third quarter of 2025, institutional investors and funds have been net accumulators, pushing the Fund Sentiment Score higher. This accumulation is important because these are the players with the deepest research benches, signaling confidence in the company's strategic direction, even with an elevated Price-to-Sales (P/S) ratio of 21.5x as of October 2025.

However, what is truly unique here is that individual insiders still own the majority of the company, holding a massive 61% stake. This means the executive team's wealth is overwhelmingly tied to the company's performance, which is a powerful alignment of interests for you as an investor. You can find a deeper dive into the company's financial stability in Breaking Down Globalstar, Inc. (GSAT) Financial Health: Key Insights for Investors.

Here's a quick look at the largest institutional holders as of September 30, 2025:

Analyst Perspectives: Valuing the Hybrid Model

Wall Street analysts are trying to find the right valuation multiple for Globalstar, Inc.'s hybrid satellite and terrestrial wireless spectrum model. The consensus rating is generally 'Hold' or 'Moderate Buy,' but the price targets show a wide dispersion, reflecting the high-stakes nature of the company's growth catalysts. The average 12-month price target is around $75.00 from one set of analysts, while others place it lower at $43.33 or $67.50. This range tells you there's no single, easy answer on valuation.

The bullish case is simple: the company is executing on its strategic plan. Management has reiterated its 2025 financial outlook, projecting total revenue between $260 million and $285 million, with an Adjusted EBITDA margin of approximately 50%. For the first nine months of 2025, the company already reported total revenue of $201.0 million and net income of $3.0 million, a significant swing from the prior year's net loss.

But the realist in me sees the risks, too. The company's debt load is substantial, with a principal amount of debt outstanding at $418.7 million as of September 30, 2025. Plus, the stock's valuation is pricing in a lot of future success, which leaves little room for error. Execution risk is the biggest variable.

• Bullish analysts see the spectrum as a massive, under-monetized asset.
• Bearish analysts worry about regulatory hurdles and competition.
• The high P/S ratio makes the stock extremely sensitive to any bad news.

The stock is a bet on future spectrum monetization, pure and simple.

Action for You: Re-evaluate your position size against the high-end analyst price target of $75.00 and the company's $418.7 million debt load, ensuring your portfolio allocation reflects the stock's inherent volatility.