Insider Selling: Globalstar (NASDAQ:GSAT) General Counsel Sells 4,720 Shares

Key Points

• Globalstar’s general counsel sold 4,720 shares on August 11 at an average price of $83.52, receiving $394,214.40. The sale reduced the insider’s holdings by 3.59% to 126,583 shares.
• GSAT traded near its 12-month high at $83.56, with a market capitalization of approximately $10.83 billion. The stock’s 50-day and 200-day moving averages were $80.77 and $73.51, respectively.
• Globalstar reported a quarterly loss of $0.23 per share, missing the consensus estimate of a $0.09 loss, while revenue fell 3.5% year over year to $64.77 million. Analysts maintain a consensus “Hold” rating with a $69.00 target price.

Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) General Counsel L Barbee Iv Ponder sold 4,720 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $83.52, for a total transaction of $394,214.40. Following the completion of the transaction, the general counsel owned 126,583 shares of the company's stock, valued at $10,572,212.16. This represents a 3.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, August 7th, L Barbee Iv Ponder sold 12,045 shares of Globalstar stock. The shares were sold at an average price of $83.21, for a total transaction of $1,002,264.45.

Globalstar Price Performance

Globalstar stock traded down $0.26 during mid-day trading on Tuesday, hitting $83.56. 724,412 shares of the company were exchanged, compared to its average volume of 1,187,653. The company has a market capitalization of $10.83 billion, a P/E ratio of -163.84 and a beta of 1.58. The business's 50 day simple moving average is $80.77 and its two-hundred day simple moving average is $73.51. Globalstar, Inc. has a 12-month low of $24.37 and a 12-month high of $84.85. 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 (NASDAQ:GSAT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The business had revenue of $64.77 million during the quarter. Globalstar had a negative net margin of 22.25% and a negative return on equity of 16.66%. The firm's revenue for the quarter was down 3.5% compared to the same quarter last year. Analysts forecast that Globalstar, Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GSAT has been the topic of several analyst reports. Weiss Ratings upgraded Globalstar from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 5th. Wall Street Zen raised shares of Globalstar to a "sell" rating in a research report on Saturday. Clear Str cut Globalstar from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Finally, Zacks Research upgraded Globalstar from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Globalstar presently has a consensus rating of "Hold" and a consensus target price of $69.00.

Institutional Investors Weigh In On Globalstar

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Globalstar in the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. bought a new stake in Globalstar during the fourth quarter worth approximately $27,000. Optiver Holding B.V. bought a new stake in Globalstar during the first quarter worth approximately $32,000. US Bancorp DE grew its position in Globalstar by 610.7% in the third quarter. US Bancorp DE now owns 931 shares of the company's stock worth $34,000 after buying an additional 800 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in Globalstar in the third quarter worth approximately $40,000. 18.89% of the stock is currently owned by institutional investors.

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.

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