Globalstar (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder Sells 2,308 Shares of Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L. Ponder, IV sold 2,308 shares of Globalstar stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $86.06, for a total transaction of $198,626.48. Following the completion of the transaction, the general counsel owned 126,583 shares of the company’s stock, valued at $10,893,732.98. This represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Monday, September 21st, L. Ponder, IV sold 1,692 shares of Globalstar stock. The shares were sold at an average price of $82.96, for a total transaction of $140,368.32.

Globalstar Stock Performance

NASDAQ:GSAT opened at $86.24 on Friday. The stock’s fifty day moving average price is $83.15 and its two-hundred day moving average price is $76.81. Globalstar, Inc. has a 1 year low of $53.67 and a 1 year high of $86.97. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.54 and a current ratio of 1.59.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). The company had revenue of $70.90 million during the quarter. Globalstar had a negative return on equity of 23.10% and a negative net margin of 28.53%. On average, research analysts anticipate that Globalstar, Inc. will post -0.62 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Weiss Ratings cut Globalstar from a “hold (c)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Wall Street Zen raised Globalstar from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Finally, Craig Hallum cut Globalstar from a “buy” rating to a “hold” rating and set a $90.00 price target on the stock. in a research report on Tuesday, August 18th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $76.00.

Institutional Trading of Globalstar

A number of hedge funds have recently made changes to their positions in the stock. Senvest Management LLC raised its position in Globalstar by 27.7% during the first quarter. Senvest Management LLC now owns 868,946 shares of the company’s stock valued at $57,715,000 after purchasing an additional 188,325 shares in the last quarter. Sculptor Capital LP purchased a new position in shares of Globalstar in the 1st quarter worth about $15,742,000. Dimensional Fund Advisors LP boosted its holdings in shares of Globalstar by 7.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 231,690 shares of the company’s stock worth $15,363,000 after purchasing an additional 16,009 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Globalstar during the 2nd quarter valued at about $13,233,000. Finally, New York Life Investment Management LLC increased its position in shares of Globalstar by 5.5% during the 3rd quarter. New York Life Investment Management LLC now owns 81,553 shares of the company’s stock valued at $6,760,000 after purchasing an additional 4,235 shares during the last quarter. 18.89% of the stock is owned by institutional investors.

About Globalstar

Globalstar operates a low Earth orbit satellite communications network that provides voice and data connectivity in areas where terrestrial networks may be unavailable. Its services support personal, commercial and government users across land and maritime environments. The company offers satellite phones and data services, as well as products and services for asset tracking, remote monitoring and safety communications. Its SPOT devices provide location-based messaging and emergency notification, while its satellite network also supports Apple satellite features in supported regions.