Globalstar (NASDAQ:GSAT) General Counsel Sells $39,085.42 in 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 shares were sold at an average price of $57.31, for a total transaction of $39,085.42. Following the completion of the sale, the general counsel owned 143,348 shares of the company’s stock, valued at $8,215,273.88. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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 stock was 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 stock was 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 shares were sold at an average price of $63.01, for a total transaction of $26,464.20.

Globalstar Stock Up 2.7%

GSAT 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. Globalstar, Inc. has a 1 year low of $17.24 and a 1 year high of $74.88. The company has a fifty day simple moving average of $60.74 and a 200 day simple moving average of $53.44. The firm has a market cap of $7.54 billion, a PE ratio of -391.17, a PEG ratio of 95.80 and a beta of 1.43.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GSAT. Zacks Research cut Globalstar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Craig Hallum restated a “buy” rating and issued a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $69.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in Globalstar during the fourth quarter valued at about $26,000. Meeder Asset Management Inc. bought a new stake in Globalstar during the 4th quarter valued at approximately $27,000. US Bancorp DE grew its holdings in Globalstar by 610.7% in the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after buying an additional 800 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Globalstar by 85.1% in the fourth quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after acquiring an additional 430 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Globalstar in the 4th quarter worth $61,000. Institutional investors and hedge funds own 18.89% of the company’s stock.

About Globalstar

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.