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 stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $61.42, for a total value of $77,389.20. Following the transaction, the general counsel owned 135,568 shares in the company, valued at $8,326,586.56. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

Globalstar Trading Down 4.6%

Globalstar stock traded down $2.90 during trading on Monday, reaching $59.99. The company had a trading volume of 660,030 shares, compared to its average volume of 897,148. Globalstar, Inc. has a 12-month low of $17.24 and a 12-month high of $74.88. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.46 and a current ratio of 2.53. The stock’s 50 day moving average price is $58.20 and its two-hundred day moving average price is $39.92. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of -130.41 and a beta of 1.08.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. MRP Capital Investments LLC grew its holdings in Globalstar by 22.9% during the 3rd quarter. MRP Capital Investments LLC now owns 3,350 shares of the company’s stock valued at $122,000 after purchasing an additional 625 shares in the last quarter. Advisory Services Network LLC acquired a new position in Globalstar in the 3rd quarter worth $40,000. XTX Topco Ltd purchased a new position in Globalstar in the 3rd quarter valued at about $532,000. Nomura Holdings Inc. acquired a new stake in shares of Globalstar during the third quarter valued at about $269,000. Finally, Focus Partners Wealth purchased a new stake in shares of Globalstar during the third quarter worth about $455,000. 18.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GSAT has been the topic of a number of research reports. Zacks Research downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price for the company. B. Riley raised their price target on shares of Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 22nd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $68.50.

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.