Insider Selling: Globalstar (NASDAQ:GSAT) General Counsel Sells $394,214.40 in Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 4,720 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $83.52, for a total value of $394,214.40. Following the sale, the general counsel directly owned 126,583 shares in the company, valued at $10,572,212.16. This trade represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, August 7th, L Barbee Iv Ponder sold 12,045 shares of Globalstar stock. The shares were sold at an average price of $83.21, for a total value of $1,002,264.45.

Globalstar Trading Down 0.3%

Shares of NASDAQ:GSAT traded down $0.26 during midday trading on Tuesday, reaching $83.56. The company had a trading volume of 724,412 shares, compared to its average volume of 1,187,653. The company has a fifty day simple moving average of $80.77 and a two-hundred day simple moving average of $73.51. The firm has a market cap of $10.83 billion, a price-to-earnings ratio of -163.84 and a beta of 1.58. Globalstar, Inc. has a 1-year low of $24.37 and a 1-year high of $84.85. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.51 and a current ratio of 1.55.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GSAT. UBS Group AG boosted its stake in shares of Globalstar by 166.9% during the 4th quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after buying an additional 329,270 shares during the period. Defiance ETFs LLC acquired a new stake in Globalstar during the fourth quarter valued at $19,461,000. Sculptor Capital LP purchased a new position in Globalstar in the first quarter valued at about $15,742,000. Senvest Management LLC grew its stake in Globalstar by 27.7% in the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock valued at $57,715,000 after purchasing an additional 188,325 shares in the last quarter. Finally, First Trust Advisors LP acquired a new position in Globalstar in the 4th quarter worth about $11,471,000. 18.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GSAT has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Globalstar to a “sell” rating in a research report on Saturday. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Clear Str lowered Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Weiss Ratings raised Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus 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.