L Barbee Iv Ponder Sells 4,720 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 4,720 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $83.52, for a total value of $394,214.40. Following the transaction, the general counsel owned 126,583 shares in the company, valued at approximately $10,572,212.16. This represents a 3.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, August 7th, L Barbee Iv Ponder sold 12,045 shares of Globalstar stock. The shares were sold at an average price of $83.21, for a total value of $1,002,264.45.

Globalstar Stock Performance

Shares of NASDAQ:GSAT opened at $83.22 on Thursday. The company has a market cap of $10.78 billion, a P/E ratio of -163.18 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55. Globalstar, Inc. has a one year low of $24.37 and a one year high of $84.85. The business’s 50-day simple moving average is $80.82 and its 200 day simple moving average is $73.80.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The company had revenue of $64.77 million during the quarter. Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.Globalstar’s revenue was down 3.5% on a year-over-year basis. On average, sell-side analysts forecast that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of Globalstar

Large investors have recently added to or reduced their stakes in the business. UBS Group AG grew its stake in shares of Globalstar by 166.9% in the fourth quarter. UBS Group AG now owns 526,566 shares of the company’s stock worth $32,142,000 after purchasing an additional 329,270 shares in the last quarter. Defiance ETFs LLC acquired a new stake in Globalstar in the fourth quarter worth about $19,461,000. Sculptor Capital LP acquired a new stake in Globalstar in the first quarter worth about $15,742,000. Senvest Management LLC grew its position in Globalstar by 27.7% in the 1st quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock valued at $57,715,000 after buying an additional 188,325 shares in the last quarter. Finally, First Trust Advisors LP acquired a new position in Globalstar during the 4th quarter valued at about $11,471,000. 18.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on GSAT shares. Wall Street Zen upgraded Globalstar to a “sell” rating in a research report on Saturday, August 8th. Clear Str cut Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $69.00.

Globalstar News Summary

Here are the key news stories impacting Globalstar this week:

• Positive Sentiment: Institutional investors have continued building positions. Bank of New York Mellon acquired approximately $13.2 million of Globalstar shares in the second quarter, while Handelsbanken Fonder, Edgestream Partners and Janus Henderson also increased their holdings. Institutions own about 18.9% of the company.
• Neutral Sentiment: Reported short interest was zero shares as of August 11, indicating that short sellers are not a meaningful source of current trading pressure. However, the data also provides little indication of potential short-covering support.
• Negative Sentiment: Director Benjamin G. Wolff sold 32,711 shares for approximately $2.72 million on August 12 and another 24,000 shares for about $2.00 million on August 11, reducing his position by roughly 88.8% and 39.5%, respectively. General Counsel L. Barbee IV Ponder also sold 4,720 shares for $394,214 on August 11, following a 12,045-share sale worth approximately $1.00 million on August 7. The transactions could weigh on sentiment because they occurred while GSAT was trading near its 52-week high. Globalstar insider sale SEC filing
• Negative Sentiment: Globalstar’s latest quarterly results remain a fundamental concern: the company reported a $0.23 per-share loss versus the $0.09 consensus loss, revenue declined 3.5% year over year to $64.77 million, and analysts expect a full-year loss of $0.38 per share. The consensus analyst rating is “Hold,” with a $69 price target—well below the stock’s recent level—while Wall Street Zen recently assigned a “Sell” rating.

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.