Insider Selling: Globalstar (NASDAQ:GSAT) General Counsel Sells $198,626.48 in Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L. Ponder, IV sold 2,308 shares of the company’s stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $86.06, for a total value of $198,626.48. Following the completion of the sale, the general counsel owned 126,583 shares in the company, valued at $10,893,732.98. This represents a 1.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, September 21st, L. Ponder, IV sold 1,692 shares of Globalstar stock. The shares were sold at an average price of $82.96, for a total value of $140,368.32.

Globalstar Price Performance

Globalstar stock traded up $0.05 during midday trading on Friday, reaching $86.29. 820,728 shares of the company were exchanged, compared to its average volume of 1,036,561. The company has a market capitalization of $11.18 billion, a price-to-earnings ratio of -134.83 and a beta of 1.52. The firm’s 50-day simple moving average is $83.24 and its 200-day simple moving average is $76.92. Globalstar, Inc. has a 1 year low of $53.67 and a 1 year high of $86.96. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.54 and a current ratio of 1.59.

Globalstar (NASDAQ:GSAT) last announced its earnings results on Thursday, November 5th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The firm had revenue of $70.90 million during the quarter. Globalstar had a negative net margin of 28.53% and a negative return on equity of 23.10%. On average, analysts anticipate that Globalstar, Inc. will post -0.62 EPS for the current year.

Hedge Funds Weigh In On Globalstar

Several large investors have recently added to or reduced their stakes in GSAT. Senvest Management LLC boosted its stake in Globalstar by 27.7% in the 1st quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock worth $57,715,000 after buying an additional 188,325 shares during the last quarter. Marshall Wace LLP grew its holdings in Globalstar by 2.8% in the 3rd quarter. Marshall Wace LLP now owns 229,587 shares of the company’s stock valued at $19,030,000 after buying an additional 6,224 shares during the period. Sculptor Capital LP purchased a new stake in Globalstar in the 1st quarter valued at about $15,742,000. Dimensional Fund Advisors LP grew its holdings in Globalstar by 7.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company’s stock valued at $15,363,000 after buying an additional 16,009 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Globalstar during the 2nd quarter valued at about $13,233,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Globalstar

Investors following GSAT have been watching these stories:

• Negative Sentiment: Several executives sold shares: VP Timothy Taylor sold a reported 90,000 shares on November 12 and 19,998 shares on November 11; CFO Rebecca Clary sold 23,250 shares; and General Counsel L. Ponder IV sold 2,308 shares. The cluster of insider selling could weigh on sentiment, although the filings do not explain the sellers’ motives. Insider trading report CFO sale report
• Negative Sentiment: Analyst coverage is cautious: the cited consensus target is about $75.67, below the share price near $86, and the ratings summary characterizes the consensus as “Reduce.” This valuation gap may temper investor enthusiasm. Analyst price target report

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GSAT. Weiss Ratings downgraded shares of Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Wall Street Zen raised shares of Globalstar from a “sell” rating to a “hold” rating in a research note on Saturday, November 7th. Craig Hallum lowered shares of Globalstar from a “buy” rating to a “hold” rating and set a $90.00 target price on the stock. in a research report on Tuesday, August 18th. Finally, Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 15th. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $76.00.

About Globalstar

Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments. The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.