Globalstar (NASDAQ:GSAT) General Counsel Sells 12,045 Shares

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

Globalstar Price Performance

NASDAQ:GSAT traded up $0.42 during trading hours on Monday, hitting $83.82. The stock had a trading volume of 613,784 shares, compared to its average volume of 1,190,720. The company has a 50 day simple moving average of $80.74 and a two-hundred day simple moving average of $73.34. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. Globalstar, Inc. has a one year low of $24.37 and a one year high of $84.85. The firm has a market capitalization of $10.86 billion, a price-to-earnings ratio of -164.35 and a beta of 1.58.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The firm had revenue of $64.77 million for the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. Research analysts forecast that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Globalstar

A number of institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its stake in Globalstar by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 26,090 shares of the company’s stock worth $1,733,000 after purchasing an additional 144 shares during the period. Clay Northam Wealth Management LLC lifted its position in Globalstar by 4.6% during the first quarter. Clay Northam Wealth Management LLC now owns 3,626 shares of the company’s stock valued at $241,000 after buying an additional 160 shares during the period. Clearstead Trust LLC boosted its holdings in shares of Globalstar by 20.7% during the 4th quarter. Clearstead Trust LLC now owns 2,131 shares of the company’s stock valued at $130,000 after buying an additional 366 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Globalstar during the 4th quarter valued at $26,000. Finally, NewEdge Advisors LLC grew its position in shares of Globalstar by 85.1% in the 4th quarter. NewEdge Advisors LLC now owns 935 shares of the company’s stock worth $57,000 after buying an additional 430 shares during the period. Hedge funds and other 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.