Globalstar (NASDAQ:GSAT) General Counsel Sells $27,246.96 in Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 492 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $55.38, for a total transaction of $27,246.96. Following the transaction, the general counsel directly owned 142,635 shares in the company, valued at $7,899,126.30. The trade was a 0.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Monday, December 29th, L Barbee Iv Ponder 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, L Barbee Iv Ponder sold 420 shares of Globalstar stock. The stock was sold at an average price of $63.01, for a total transaction of $26,464.20.

Globalstar Stock Performance

Shares of NASDAQ GSAT traded up $2.11 during midday trading on Tuesday, reaching $58.77. 407,796 shares of the company were exchanged, compared to its average volume of 640,400. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27. Globalstar, Inc. has a 1 year low of $17.24 and a 1 year high of $74.88. The stock has a fifty day simple moving average of $61.05 and a 200 day simple moving average of $52.76. The stock has a market cap of $7.55 billion, a P/E ratio of -391.77, a PEG ratio of 92.15 and a beta of 1.43.

Institutional Investors Weigh In On Globalstar

Institutional investors have recently added to or reduced their stakes in the business. Broad Bay Capital Management LP acquired a new position in Globalstar during the 2nd quarter worth approximately $18,405,000. Marshall Wace LLP raised its stake in shares of Globalstar by 2,093.4% during the 2nd quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock worth $18,315,000 after buying an additional 742,271 shares in the last quarter. Senvest Management LLC lifted its holdings in shares of Globalstar by 51.6% in the 2nd quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock valued at $31,334,000 after buying an additional 452,624 shares during the period. UBS Group AG lifted its holdings in shares of Globalstar by 166.9% in the 4th quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after buying an additional 329,270 shares during the period. Finally, Defiance ETFs LLC purchased a new stake in shares of Globalstar in the fourth quarter valued at approximately $19,461,000. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GSAT. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 3rd. B. Riley Financial upped their price target 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 report on Monday, December 29th. Craig Hallum reiterated a “buy” rating and issued a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price objective on the stock. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus 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.