Rebecca Clary Sells 762 Shares of Globalstar (NASDAQ:GSAT) Stock

Globalstar, Inc. (NASDAQ:GSAT) CFO Rebecca Clary sold 762 shares of the business’s 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 $43,670.22. Following the completion of the transaction, the chief financial officer owned 110,254 shares of the company’s stock, valued at $6,318,656.74. The trade was a 0.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Rebecca Clary also recently made the following trade(s):

• On Tuesday, March 10th, Rebecca Clary sold 351 shares of Globalstar stock. The stock was sold at an average price of $55.38, for a total transaction of $19,438.38.
• On Monday, December 29th, Rebecca Clary sold 1,260 shares of Globalstar stock. The shares were sold at an average price of $61.42, for a total transaction of $77,389.20.
• On Monday, December 22nd, Rebecca Clary 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.
• On Wednesday, December 17th, Rebecca Clary sold 4,829 shares of Globalstar stock. The shares were sold at an average price of $56.64, for a total transaction of $273,514.56.
• On Wednesday, December 17th, Rebecca Clary sold 4,829 shares of Globalstar stock. The stock was sold at an average price of $56.64, for a total value of $273,514.56.

Globalstar Trading Up 2.7%

Shares of GSAT stock opened at $58.68 on Friday. The stock’s fifty day moving average price is $60.74 and its two-hundred day moving average price is $53.27. The company has a market cap of $7.54 billion, a PE ratio of -391.17, a P/E/G ratio of 93.24 and a beta of 1.43. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $74.88. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.37 and a current ratio of 2.42.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GSAT. Acadian Asset Management LLC bought a new stake in Globalstar during the 1st quarter worth $99,000. Fox Run Management L.L.C. acquired a new position in Globalstar in the 2nd quarter worth about $385,000. Los Angeles Capital Management LLC bought a new position in Globalstar in the second quarter valued at about $314,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Globalstar by 124.0% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 143,039 shares of the company’s stock valued at $3,369,000 after purchasing an additional 79,185 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Globalstar by 1.6% during the second quarter. Geode Capital Management LLC now owns 1,274,523 shares of the company’s stock valued at $30,019,000 after purchasing an additional 20,514 shares in the last quarter. 18.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GSAT has been the topic of several research analyst reports. Zacks Research lowered Globalstar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft started coverage on shares of Globalstar in a report on Tuesday, December 16th. They issued a “hold” rating and a $62.00 target price for the company. Finally, Craig Hallum restated a “buy” rating and issued a $70.00 price target on shares of Globalstar in a research note on Monday, March 2nd. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Globalstar presently has an average rating of “Hold” and an average target price 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.