Globalstar (NASDAQ:GSAT) General Counsel Sells $27,246.96 in Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 492 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $55.38, for a total transaction of $27,246.96. Following the transaction, the general counsel directly owned 142,635 shares of the company’s stock, valued at $7,899,126.30. This represents a 0.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

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

• On Wednesday, March 11th, L Barbee Iv Ponder sold 682 shares of Globalstar stock. The stock was sold at an average price of $57.31, for a total value of $39,085.42.
• 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 value 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 value of $26,464.20.

Globalstar Stock Up 1.7%

Globalstar stock traded up $0.98 during mid-day trading on Friday, hitting $58.09. The company had a trading volume of 74,097 shares, compared to its average volume of 620,609. Globalstar, Inc. has a 12 month low of $17.24 and a 12 month high of $74.88. The company has a market capitalization of $7.47 billion, a PE ratio of -387.57, a price-to-earnings-growth ratio of 94.02 and a beta of 1.43. The stock’s 50 day moving average price is $60.84 and its two-hundred day moving average price is $53.04. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Craig Hallum reissued a “buy” rating and set a $70.00 price target on shares of Globalstar in a research report on Monday, March 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Globalstar in a research note on Tuesday, December 16th. They issued a “hold” rating and a $62.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $69.00.

Institutional Investors Weigh In On Globalstar

Hedge funds have recently added to or reduced their stakes in the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Globalstar in the 4th quarter worth $26,000. Meeder Asset Management Inc. purchased a new stake in Globalstar during the fourth quarter valued at $27,000. US Bancorp DE lifted its holdings 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 acquiring an additional 800 shares during the period. Fortitude Family Office LLC bought a new position in Globalstar in the third quarter valued at about $37,000. Finally, Advisory Services Network LLC purchased a new position in Globalstar in the third quarter worth about $40,000. 18.89% of the stock is currently owned by hedge funds and other institutional investors.

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.