L Barbee Iv Ponder Sells 420 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 420 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $63.01, for a total transaction of $26,464.20. Following the completion of the sale, the general counsel owned 136,828 shares of the company’s stock, valued at approximately $8,621,532.28. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Monday, December 8th, L Barbee Iv Ponder sold 1,221 shares of Globalstar stock. The stock was sold at an average price of $67.88, for a total transaction of $82,881.48.
• On Monday, November 17th, L Barbee Iv Ponder sold 9,790 shares of Globalstar stock. The shares were sold at an average price of $58.32, for a total value of $570,952.80.
• On Wednesday, November 12th, L Barbee Iv Ponder sold 56 shares of Globalstar stock. The shares were sold at an average price of $61.34, for a total value of $3,435.04.

Globalstar Stock Performance

Shares of Globalstar stock opened at $63.75 on Wednesday. The business’s 50 day moving average price is $57.06 and its 200 day moving average price is $39.04. The company has a market cap of $8.09 billion, a price-to-earnings ratio of -138.59 and a beta of 1.08. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.46 and a current ratio of 2.53. Globalstar, Inc. has a one year low of $17.24 and a one year high of $74.88.

Globalstar (NASDAQ:GSAT) last issued its earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Globalstar had a negative return on equity of 3.67% and a negative net margin of 21.07%.The business had revenue of $73.85 million during the quarter. During the same period last year, the business earned $0.06 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year.

Institutional Trading of Globalstar

Several institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE raised its position in Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company’s stock valued at $34,000 after purchasing an additional 800 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of Globalstar in the third quarter valued at $37,000. Advisory Services Network LLC purchased a new stake in shares of Globalstar in the 3rd quarter valued at $40,000. Dakota Community Bank & Trust NA acquired a new position in Globalstar during the 3rd quarter worth about $46,000. Finally, CWM LLC lifted its stake in Globalstar by 100.6% during the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after acquiring an additional 664 shares in the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GSAT. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research report on Monday. Zacks Research cut Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 7th. Finally, B. Riley upped their price target on Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 10th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $68.50.

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.