L Barbee Iv Ponder Sells 682 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 682 shares of Globalstar stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $39,085.42. Following the completion of the transaction, the general counsel owned 143,348 shares of the company’s stock, valued at $8,215,273.88. This represents a 0.47% decrease in their position. The sale 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 Tuesday, March 10th, L Barbee Iv Ponder sold 492 shares of Globalstar stock. The shares were sold at an average price of $55.38, for a total transaction of $27,246.96.
• On Monday, December 29th, L Barbee Iv Ponder sold 1,260 shares of Globalstar stock. The shares were 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

Globalstar stock opened at $58.68 on Friday. 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 company has a fifty day simple moving average of $60.74 and a 200-day simple moving average of $53.27. The stock has a market cap of $7.54 billion, a P/E ratio of -391.17, a price-to-earnings-growth ratio of 93.24 and a beta of 1.43. Globalstar, Inc. has a 12-month low of $17.24 and a 12-month high of $74.88.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GSAT. Zacks Research downgraded Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research note on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price for the company. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $70.00 price target on shares of Globalstar in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $69.00.

Institutional Investors Weigh In On Globalstar

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC acquired a new position in Globalstar in the first quarter valued at $99,000. Fox Run Management L.L.C. acquired a new stake in shares of Globalstar during the second quarter worth about $385,000. Los Angeles Capital Management LLC acquired a new stake in shares of Globalstar during the second quarter worth about $314,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Globalstar by 124.0% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,039 shares of the company’s stock valued at $3,369,000 after purchasing an additional 79,185 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Globalstar by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company’s stock valued at $30,019,000 after purchasing an additional 20,514 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.