Globalstar (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder Sells 682 Shares

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 682 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total transaction of $39,085.42. Following the sale, the general counsel owned 143,348 shares of the company’s stock, valued at approximately $8,215,273.88. The trade was a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Tuesday, March 10th, L Barbee Iv Ponder sold 492 shares of Globalstar stock. The stock was sold at an average price of $55.38, for a total transaction of $27,246.96.
• 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 transaction of $77,389.20.
• On Monday, December 22nd, L Barbee Iv Ponder sold 420 shares of Globalstar stock. The stock was sold at an average price of $63.01, for a total transaction of $26,464.20.

Globalstar Stock Up 3.0%

Shares of NASDAQ:GSAT traded up $1.74 during trading on Friday, hitting $58.85. 309,292 shares of the company were exchanged, compared to its average volume of 625,218. The firm’s 50 day moving average price is $60.84 and its 200-day moving average price is $53.04. Globalstar, Inc. has a 12-month low of $17.24 and a 12-month high of $74.88. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 2.37. The stock has a market capitalization of $7.56 billion, a P/E ratio of -391.71, a PEG ratio of 94.02 and a beta of 1.43.

Wall Street Analysts Forecast Growth

GSAT has been the topic of several recent analyst reports. Zacks Research lowered shares of Globalstar from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globalstar in a report on Tuesday, December 16th. They set a “hold” rating and a $62.00 target price on the stock. Finally, Craig Hallum reiterated a “buy” rating and set a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $69.00.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GSAT. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in Globalstar in the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new stake in Globalstar in the fourth quarter worth about $27,000. US Bancorp DE raised its position in shares of Globalstar by 610.7% during the 3rd quarter. US Bancorp DE now owns 931 shares of the company’s stock worth $34,000 after buying an additional 800 shares in the last quarter. Fortitude Family Office LLC bought a new position in shares of Globalstar in the third quarter valued at approximately $37,000. Finally, Advisory Services Network LLC bought a new stake in Globalstar during the third quarter worth approximately $40,000. 18.89% of the stock is currently owned by 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.