L Barbee Iv Ponder Sells 12,045 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 12,045 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $83.21, for a total value of $1,002,264.45. Following the completion of the transaction, the general counsel directly owned 131,303 shares of the company’s stock, valued at approximately $10,925,722.63. This trade represents a 8.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Tuesday, August 11th, L Barbee Iv Ponder sold 4,720 shares of Globalstar stock. The stock was sold at an average price of $83.52, for a total value of $394,214.40.

Globalstar Stock Down 0.3%

Shares of GSAT stock opened at $83.56 on Wednesday. Globalstar, Inc. has a twelve month low of $24.37 and a twelve month high of $84.85. The stock has a market cap of $10.83 billion, a P/E ratio of -163.84 and a beta of 1.58. The stock has a 50 day moving average of $80.79 and a 200 day moving average of $73.67. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 1.05.

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

Institutional Trading of Globalstar

Institutional investors have recently modified their holdings of the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in shares of Globalstar during the 4th quarter worth about $26,000. Meeder Asset Management Inc. acquired a new stake in Globalstar in the 4th quarter worth about $27,000. Optiver Holding B.V. acquired a new stake in Globalstar in the 1st quarter worth about $32,000. US Bancorp DE increased its stake in Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after buying an additional 800 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Globalstar during the 3rd quarter worth approximately $40,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

Analyst Ratings Changes

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

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.