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

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 4,720 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $83.52, for a total transaction of $394,214.40. Following the completion of the transaction, the general counsel owned 126,583 shares of the company’s stock, valued at approximately $10,572,212.16. The trade was a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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 stock was sold at an average price of $83.21, for a total transaction of $1,002,264.45.

Globalstar Trading Down 0.3%

Shares of GSAT stock opened at $83.56 on Wednesday. The stock has a fifty day simple moving average of $80.79 and a two-hundred day simple moving average of $73.67. The firm has a market capitalization of $10.83 billion, a PE ratio of -163.84 and a beta of 1.58. Globalstar, Inc. has a 52-week low of $24.37 and a 52-week high of $84.85. 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 (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative return on equity of 16.66% and a negative net margin of 22.25%.The business had revenue of $64.77 million during the quarter. The business’s revenue was down 3.5% compared to the same quarter last year. On average, analysts predict that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Globalstar

Large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in shares of Globalstar by 0.6% during the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock valued at $1,733,000 after acquiring an additional 144 shares in the last quarter. Clay Northam Wealth Management LLC grew its stake in Globalstar by 4.6% in the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock worth $241,000 after purchasing an additional 160 shares in the last quarter. Clearstead Trust LLC grew its stake in Globalstar by 20.7% in the fourth quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after purchasing an additional 366 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Globalstar during the 4th quarter worth $26,000. Finally, NewEdge Advisors LLC raised its position in Globalstar by 85.1% during the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after purchasing an additional 430 shares in the last quarter. 18.89% of the stock is owned by hedge funds and other institutional investors.

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.