Globalstar (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder Sells 420 Shares

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 420 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $63.01, for a total transaction of $26,464.20. Following the completion of the sale, the general counsel owned 136,828 shares of the company’s stock, valued at approximately $8,621,532.28. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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 stock was 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 shares were sold at an average price of $61.34, for a total value of $3,435.04.

Globalstar Stock Up 7.0%

Globalstar stock opened at $66.63 on Tuesday. The stock’s 50 day moving average price is $56.65 and its 200 day moving average price is $38.73. Globalstar, Inc. has a 1-year low of $17.24 and a 1-year high of $74.88. The company has a market cap of $8.45 billion, a PE ratio of -144.85 and a beta of 1.08. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.53 and a quick ratio of 2.46.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $73.85 million during the quarter. Globalstar had a negative return on equity of 3.67% and a negative net margin of 21.07%.The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.06 EPS.

Analyst Ratings Changes

A number of analysts recently commented on GSAT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 15th. B. Riley upped their price target on Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Zacks Research downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Globalstar in a research report on Tuesday, December 16th. They set 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 assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Globalstar currently has an average rating of “Hold” and a consensus price target of $68.50.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Broad Bay Capital Management LP purchased a new position in Globalstar during the second quarter worth $18,405,000. Marshall Wace LLP boosted its stake in shares of Globalstar by 2,093.4% during the second quarter. Marshall Wace LLP now owns 777,728 shares of the company’s stock valued at $18,315,000 after acquiring an additional 742,271 shares during the last quarter. Senvest Management LLC increased its position in Globalstar by 51.6% during the 2nd quarter. Senvest Management LLC now owns 1,330,533 shares of the company’s stock worth $31,334,000 after purchasing an additional 452,624 shares in the last quarter. Penserra Capital Management LLC raised its stake in Globalstar by 320.9% in the 2nd quarter. Penserra Capital Management LLC now owns 486,521 shares of the company’s stock valued at $11,456,000 after purchasing an additional 370,943 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in Globalstar by 39.5% in the 2nd quarter. American Century Companies Inc. now owns 1,014,336 shares of the company’s stock valued at $23,888,000 after purchasing an additional 287,163 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors and hedge funds.

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.