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

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

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 value of $140,368.32.

Globalstar Stock Up 0.1%

Shares of NASDAQ GSAT traded up $0.05 during midday trading on Friday, hitting $86.29. 820,728 shares of the stock traded hands, compared to its average volume of 1,036,561. The company has a market cap of $11.18 billion, a PE ratio of -134.83 and a beta of 1.52. Globalstar, Inc. has a one year low of $53.67 and a one year high of $86.96. The business has a 50 day moving average price of $83.24 and a two-hundred day moving average price of $76.92. 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 issued its earnings results on Thursday, November 5th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). Globalstar had a negative return on equity of 23.10% and a negative net margin of 28.53%. The firm had revenue of $70.90 million for the quarter. On average, equities analysts predict that Globalstar, Inc. will post -0.62 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Eurizon Capital SGR S.p.A. purchased a new stake in Globalstar in the 3rd quarter valued at $27,000. Fifth Third Bancorp bought a new position in Globalstar during the 3rd quarter valued at $29,000. Optiver Holding B.V. bought a new position in Globalstar during the 1st quarter valued at $32,000. Parallel Advisors LLC boosted its holdings in Globalstar by 114.1% during the 3rd quarter. Parallel Advisors LLC now owns 516 shares of the company’s stock worth $43,000 after acquiring an additional 275 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in Globalstar by 879.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 764 shares of the company’s stock worth $62,000 after acquiring an additional 686 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Key Globalstar News

Here’s some of the latest news about GSAT:

• Negative Sentiment: Several executives sold shares: VP Timothy Taylor sold a reported 90,000 shares on November 12 and 19,998 shares on November 11; CFO Rebecca Clary sold 23,250 shares; and General Counsel L. Ponder IV sold 2,308 shares. The cluster of insider selling could weigh on sentiment, although the filings do not explain the sellers’ motives. Insider trading report CFO sale report
• Negative Sentiment: Analyst coverage is cautious: the cited consensus target is about $75.67, below the share price near $86, and the ratings summary characterizes the consensus as “Reduce.” This valuation gap may temper investor enthusiasm. Analyst price target report

Analysts Set New Price Targets

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

Globalstar Company Profile

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.