Globalstar (NASDAQ:GSAT) CFO Rebecca Clary Sells 762 Shares

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 762 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $43,670.22. Following the sale, the chief financial officer directly owned 110,254 shares in the company, valued at approximately $6,318,656.74. This represents a 0.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Tuesday, March 10th, Rebecca Clary sold 351 shares of Globalstar stock. The stock was sold at an average price of $55.38, for a total transaction of $19,438.38.
• 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 transaction 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 transaction of $273,514.56.
• 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.

Globalstar Trading Down 0.8%

Shares of NASDAQ GSAT traded down $0.48 during midday trading on Thursday, hitting $57.11. The stock had a trading volume of 513,986 shares, compared to its average volume of 632,339. The firm has a market cap of $7.34 billion, a P/E ratio of -380.71, a price-to-earnings-growth ratio of 95.95 and a beta of 1.43. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $74.88. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. The company’s 50-day simple moving average is $60.92 and its 200 day simple moving average is $53.01.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its holdings in Globalstar by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,106 shares of the company’s stock valued at $1,219,000 after purchasing an additional 248 shares during the period. Clearstead Trust LLC boosted its position in shares of Globalstar by 20.7% during 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 acquired a new position in shares of Globalstar in the 4th quarter valued at $26,000. NewEdge Advisors LLC grew 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 buying an additional 430 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in shares of Globalstar in the 4th quarter valued at $27,000. Institutional investors own 18.89% of the company’s stock.

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.