Globalstar (NASDAQ:GSAT) General Counsel Sells $394,214.40 in Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 4,720 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $83.52, for a total value of $394,214.40. Following the sale, the general counsel directly owned 126,583 shares of the company’s stock, valued at approximately $10,572,212.16. This trade represents a 3.59% decrease in their position. The transaction was disclosed in a legal 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 Globalstar stock opened at $82.61 on Friday. The firm has a market cap of $10.70 billion, a PE ratio of -161.98 and a beta of 1.58. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 1.05. Globalstar, Inc. has a 52 week low of $24.37 and a 52 week high of $84.85. The business’s fifty day simple moving average is $80.82 and its 200-day simple moving average is $73.92.

Globalstar (NASDAQ:GSAT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The company had revenue of $64.77 million during the quarter. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. Equities analysts forecast that Globalstar, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on GSAT shares. Clear Str downgraded shares of 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 research report on Tuesday, July 7th. Weiss Ratings upgraded shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Finally, Wall Street Zen raised Globalstar to a “sell” rating in a research report on Saturday, August 8th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $69.00.

Hedge Funds Weigh In On Globalstar

Institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new stake in shares of Globalstar during the first quarter worth about $99,000. Invesco Ltd. boosted its stake in shares of Globalstar by 13.8% in the second quarter. Invesco Ltd. now owns 28,527 shares of the company’s stock valued at $672,000 after purchasing an additional 3,462 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Globalstar by 80.9% in the second quarter. BNP Paribas Financial Markets now owns 5,212 shares of the company’s stock valued at $123,000 after purchasing an additional 2,331 shares in the last quarter. Corient Private Wealth LLC increased its stake in Globalstar by 28.4% during the 2nd quarter. Corient Private Wealth LLC now owns 15,067 shares of the company’s stock worth $355,000 after buying an additional 3,334 shares during the period. Finally, Cannell Capital LLC increased its stake in Globalstar by 1.1% during the 2nd quarter. Cannell Capital LLC now owns 51,320 shares of the company’s stock worth $1,209,000 after buying an additional 580 shares during the period. 18.89% of the stock is owned by institutional investors and hedge funds.

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.