Globalstar (NASDAQ:GSAT) CFO Rebecca Clary Sells 351 Shares

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 351 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $55.38, for a total value of $19,438.38. Following the completion of the sale, the chief financial officer owned 109,459 shares in the company, valued at $6,061,839.42. This trade represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rebecca Clary also recently made the following trade(s):

• On Monday, December 29th, Rebecca Clary 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, Rebecca Clary sold 420 shares of Globalstar stock. The shares were sold at an average price of $63.01, for a total value of $26,464.20.
• On Wednesday, December 17th, Rebecca Clary sold 4,829 shares of Globalstar stock. The stock was sold at an average price of $56.64, for a total value of $273,514.56.
• On Wednesday, December 17th, Rebecca Clary sold 4,829 shares of Globalstar stock. The shares were sold at an average price of $56.64, for a total value of $273,514.56.

Globalstar Price Performance

Shares of GSAT opened at $58.77 on Wednesday. The stock has a 50 day simple moving average of $60.99 and a 200 day simple moving average of $52.98. Globalstar, Inc. has a 52-week low of $17.24 and a 52-week high of $74.88. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42. The firm has a market capitalization of $7.55 billion, a PE ratio of -391.77, a P/E/G ratio of 92.51 and a beta of 1.43.

Hedge Funds Weigh In On Globalstar

Several hedge funds and other institutional investors have recently made changes to their positions in GSAT. Wealth Enhancement Advisory Services LLC raised its position in Globalstar by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock worth $1,219,000 after acquiring an additional 248 shares in the last quarter. Clearstead Trust LLC increased its stake in shares of Globalstar by 20.7% during the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock worth $130,000 after purchasing an additional 366 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Globalstar in the 4th quarter valued at about $26,000. NewEdge Advisors LLC raised its holdings in shares of Globalstar by 85.1% in 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 during the period. Finally, Meeder Asset Management Inc. acquired a new stake in Globalstar in the 4th quarter valued at about $27,000. 18.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GSAT shares. Craig Hallum reissued a “buy” rating and set a $70.00 price objective on shares of Globalstar in a research report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price for the company. Finally, Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Two equities 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.