Insider Selling: Globalstar (NASDAQ:GSAT) General Counsel Sells 1,260 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 1,260 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $61.42, for a total value of $77,389.20. Following the sale, the general counsel owned 135,568 shares of the company’s stock, valued at approximately $8,326,586.56. This trade represents a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, December 22nd, L Barbee Iv Ponder sold 420 shares of Globalstar stock. The shares were sold at an average price of $63.01, for a total value of $26,464.20.
• 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 transaction 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 transaction of $3,435.04.

Globalstar Stock Down 4.6%

NASDAQ GSAT traded down $2.90 during trading hours on Monday, reaching $59.99. 660,030 shares of the company traded hands, compared to its average volume of 897,148. The stock has a market capitalization of $7.61 billion, a PE ratio of -130.41 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, Inc. has a 12 month low of $17.24 and a 12 month high of $74.88. The company has a 50 day moving average of $58.20 and a two-hundred day moving average of $39.92.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. Globalstar had a negative net margin of 21.07% and a negative return on equity of 3.67%. The business had revenue of $73.85 million for the quarter. During the same quarter last year, the company posted $0.06 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year.

Analyst Upgrades and Downgrades

GSAT has been the subject of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a report on Monday, December 22nd. Zacks Research cut Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. B. Riley boosted their target price on shares of Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Globalstar in a research report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target on the stock. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $68.50.

Hedge Funds Weigh In On Globalstar

Several institutional investors have recently modified their holdings of the company. Greenhouse Funds LLLP raised its holdings in shares of Globalstar by 11.6% during the second quarter. Greenhouse Funds LLLP now owns 2,025,516 shares of the company’s stock valued at $47,701,000 after buying an additional 209,825 shares during the last quarter. Entropy Technologies LP bought a new position in Globalstar in the 2nd quarter worth approximately $351,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Globalstar by 124.0% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,039 shares of the company’s stock valued at $3,369,000 after acquiring an additional 79,185 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Globalstar during the 2nd quarter valued at $343,000. Finally, Palogic Value Management L.P. bought a new stake in Globalstar during the 2nd quarter valued at $1,178,000. Institutional investors own 18.89% of the company’s stock.

About Globalstar

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.