Insider Selling: Globalstar (NASDAQ:GSAT) General Counsel Sells 492 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 492 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $55.38, for a total value of $27,246.96. Following the completion of the transaction, the general counsel owned 142,635 shares of the company’s stock, valued at $7,899,126.30. The trade was a 0.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Monday, December 29th, L Barbee Iv Ponder sold 1,260 shares of Globalstar stock. The stock was sold at an average price of $61.42, for a total transaction of $77,389.20.
• On Monday, December 22nd, L Barbee Iv Ponder sold 420 shares of Globalstar stock. The stock was sold at an average price of $63.01, for a total transaction of $26,464.20.

Globalstar Price Performance

Shares of NASDAQ:GSAT traded up $2.11 on Tuesday, reaching $58.77. 407,796 shares of the company were exchanged, compared to its average volume of 640,400. The company has a 50-day moving average of $61.05 and a 200-day moving average of $52.76. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of -391.77, a price-to-earnings-growth ratio of 92.15 and a beta of 1.43. Globalstar, Inc. has a 1-year low of $17.24 and a 1-year high of $74.88.

Analysts Set New Price Targets

Several brokerages have weighed in on GSAT. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a research note on Tuesday, December 16th. They set a “hold” rating and a $62.00 price target on the stock. Craig Hallum restated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Finally, B. Riley Financial lifted their price objective on Globalstar from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Globalstar currently has an average rating of “Hold” and a consensus target price of $69.00.

Institutional Trading of Globalstar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Corient Private Wealth LLC acquired a new position in Globalstar in the 4th quarter valued at $365,000. Pure Financial Advisors LLC acquired a new stake in shares of Globalstar during the fourth quarter worth $221,000. Virtu Financial LLC purchased a new stake in shares of Globalstar in the fourth quarter valued at $288,000. Invesco Ltd. grew its position in shares of Globalstar by 136.6% in the fourth quarter. Invesco Ltd. now owns 83,672 shares of the company’s stock valued at $5,107,000 after purchasing an additional 48,311 shares during the period. Finally, NewEdge Advisors LLC increased its stake in Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock valued at $57,000 after purchasing an additional 430 shares during 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.