Insider Selling: Globalstar (NASDAQ:GSAT) General Counsel Sells 420 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 420 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $63.01, for a total value of $26,464.20. Following the sale, the general counsel directly owned 136,828 shares in the company, valued at $8,621,532.28. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

L Barbee Iv Ponder also recently made the following trade(s):

• On Monday, December 8th, L Barbee Iv Ponder sold 1,221 shares of Globalstar stock. The shares were sold at an average price of $67.88, for a total value of $82,881.48.
• On Monday, November 17th, L Barbee Iv Ponder sold 9,790 shares of Globalstar stock. The stock was sold at an average price of $58.32, for a total value of $570,952.80.
• On Wednesday, November 12th, L Barbee Iv Ponder sold 56 shares of Globalstar stock. The stock was sold at an average price of $61.34, for a total value of $3,435.04.

Globalstar Trading Up 7.0%

GSAT stock traded up $4.38 during mid-day trading on Monday, reaching $66.63. 690,153 shares of the stock traded hands, compared to its average volume of 903,692. Globalstar, Inc. has a 52-week low of $17.24 and a 52-week high of $74.88. The stock’s fifty day moving average is $56.20 and its 200-day moving average is $38.40. The company has a market cap of $8.45 billion, a P/E ratio of -144.85 and a beta of 1.08. The company has a current ratio of 2.53, a quick ratio of 2.46 and a debt-to-equity ratio of 1.33.

Globalstar (NASDAQ:GSAT) last released its earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The business had revenue of $73.85 million for the quarter. Globalstar had a negative net margin of 21.07% and a negative return on equity of 3.67%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the business earned $0.06 earnings per share.

Hedge Funds Weigh In On Globalstar

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Globalstar by 2.8% during the third quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock valued at $190,455,000 after acquiring an additional 141,451 shares in the last quarter. Greenhouse Funds LLLP grew its position in Globalstar by 6.1% in the third quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company’s stock worth $78,209,000 after acquiring an additional 123,676 shares in the last quarter. Ashford Capital Management Inc. increased its stake in shares of Globalstar by 3.8% during the 3rd quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after purchasing an additional 51,703 shares during the last quarter. Senvest Management LLC raised its holdings in shares of Globalstar by 51.6% during the 2nd quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock valued at $31,334,000 after purchasing an additional 452,624 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Globalstar by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company’s stock valued at $30,019,000 after purchasing an additional 20,514 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on GSAT shares. Zacks Research cut Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. B. Riley increased their price objective on Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 15th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Globalstar in a report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Globalstar has a consensus rating of “Hold” and an average price target of $68.50.

Globalstar Company Profile

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.