Insider Selling: Globalstar (NASDAQ:GSAT) General Counsel Sells $1,002,264.45 in Stock

Globalstar, Inc. (NASDAQ:GSAT) General Counsel L Barbee Iv Ponder sold 12,045 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $83.21, for a total value of $1,002,264.45. Following the transaction, the general counsel owned 131,303 shares in the company, valued at approximately $10,925,722.63. This trade represents a 8.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Globalstar Stock Up 0.5%

Shares of NASDAQ GSAT traded up $0.42 during trading on Monday, hitting $83.82. The stock had a trading volume of 613,784 shares, compared to its average volume of 1,190,720. The firm has a fifty day moving average of $80.74 and a two-hundred day moving average of $73.34. The company has a market capitalization of $10.86 billion, a PE ratio of -164.35 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.55 and a quick ratio of 1.51. Globalstar, Inc. has a 12 month low of $24.37 and a 12 month high of $84.85.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The firm had revenue of $64.77 million for the quarter. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, equities research analysts forecast that Globalstar, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Globalstar

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new stake in shares of Globalstar during the 2nd quarter valued at $13,233,000. Handelsbanken Fonder AB boosted its stake in Globalstar by 13.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 16,400 shares of the company’s stock worth $1,333,000 after purchasing an additional 2,000 shares during the period. Optiver Holding B.V. purchased a new position in Globalstar during the 1st quarter valued at about $32,000. Edgestream Partners L.P. grew its holdings in Globalstar by 64.2% during the 1st quarter. Edgestream Partners L.P. now owns 23,329 shares of the company’s stock valued at $1,550,000 after buying an additional 9,118 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Globalstar by 11.6% during the first quarter. Janus Henderson Group PLC now owns 22,702 shares of the company’s stock valued at $1,507,000 after buying an additional 2,367 shares during the period. 18.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GSAT has been the subject of several recent analyst reports. Wall Street Zen raised Globalstar to a “sell” rating in a report on Saturday. Weiss Ratings upgraded Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, June 5th. Zacks Research raised Globalstar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Clear Str downgraded Globalstar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target 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.