Rebecca Clary Sells 351 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 351 shares of Globalstar stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $55.38, for a total transaction of $19,438.38. Following the sale, the chief financial officer owned 109,459 shares in the company, valued at approximately $6,061,839.42. This represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Rebecca Clary also recently made the following trade(s):

• On Monday, December 29th, Rebecca Clary sold 1,260 shares of Globalstar stock. The shares were sold at an average price of $61.42, for a total transaction of $77,389.20.
• On Monday, December 22nd, Rebecca Clary sold 420 shares of Globalstar stock. The shares were sold at an average price of $63.01, for a total transaction of $26,464.20.
• On Wednesday, December 17th, Rebecca Clary sold 4,829 shares of Globalstar stock. The stock was sold at an average price of $56.64, for a total transaction of $273,514.56.
• On Wednesday, December 17th, Rebecca Clary sold 4,829 shares of Globalstar stock. The shares were sold at an average price of $56.64, for a total transaction of $273,514.56.

Globalstar Price Performance

Shares of NASDAQ:GSAT opened at $57.59 on Thursday. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of -383.91, a PEG ratio of 95.95 and a beta of 1.43. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. Globalstar, Inc. has a 12 month low of $17.24 and a 12 month high of $74.88. The stock’s 50 day moving average price is $60.92 and its 200 day moving average price is $53.01.

Hedge Funds Weigh In On Globalstar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new stake in shares of Globalstar in the first quarter valued at $99,000. Fox Run Management L.L.C. purchased a new position in shares of Globalstar during the second quarter valued at $385,000. Los Angeles Capital Management LLC acquired a new position in Globalstar during the second quarter valued at $314,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Globalstar by 124.0% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,039 shares of the company’s stock valued at $3,369,000 after buying an additional 79,185 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Globalstar by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company’s stock worth $30,019,000 after acquiring an additional 20,514 shares in the last quarter. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on GSAT shares. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research note on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price for the company. Craig Hallum reiterated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research report on Monday, March 2nd. Zacks Research downgraded shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Globalstar presently has an average rating of “Hold” and an average target price of $69.00.

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.