Key Points
- Globalstar CFO Rebecca Clary sold 762 shares on March 11 at an average price of $57.31 for $43,670, and still owns 110,254 shares valued at roughly $6.32 million (a 0.69% decline in her stake).
- The March 11 sale is part of a string of recent insider transactions by Clary, including sales on March 10 and several in December (notably two 4,829-share transactions on Dec. 17), signaling ongoing insider selling.
- GSAT is trading near $58.74 with a market cap of about $7.55 billion; analyst coverage is mixed, with an average "Hold" rating and a $69 average price target (2 Buys, 1 Hold, 2 Sells).
Globalstar, Inc. (NASDAQ:GSAT - Get Free Report) General Counsel L Barbee Iv Ponder sold 682 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.31, for a total value of $39,085.42. Following the completion of the transaction, the general counsel directly owned 143,348 shares in the company, valued at $8,215,273.88. This represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 shares were sold at an average price of $55.38, for a total value 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 shares were sold at an average price of $63.01, for a total value of $26,464.20.
Globalstar Stock Up 3.0%
Globalstar stock traded up $1.74 during mid-day trading on Friday, hitting $58.85. The company's stock had a trading volume of 309,292 shares, compared to its average volume of 625,218. Globalstar, Inc. has a 52-week low of $17.24 and a 52-week high of $74.88. The company has a market cap of $7.56 billion, a PE ratio of -391.71, a price-to-earnings-growth ratio of 94.02 and a beta of 1.43. 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 firm's 50 day moving average is $60.84 and its 200 day moving average is $53.04.
Institutional Investors Weigh In On Globalstar
A number of hedge funds have recently added to or reduced their stakes in GSAT. Fund Advisors of America Inc FL bought a new stake in shares of Globalstar in the fourth quarter valued at about $357,000. Corient Private Wealth LLC acquired a new position in Globalstar during the 4th quarter worth approximately $365,000. Pure Financial Advisors LLC bought a new position in shares of Globalstar during the 4th quarter worth approximately $221,000. Virtu Financial LLC acquired a new stake in shares of Globalstar in the fourth quarter valued at approximately $288,000. Finally, Invesco Ltd. lifted its position in shares of Globalstar by 136.6% in the fourth quarter. Invesco Ltd. now owns 83,672 shares of the company's stock worth $5,107,000 after purchasing an additional 48,311 shares in the last quarter. Institutional investors own 18.89% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on GSAT. Craig Hallum reiterated a "buy" rating and issued a $70.00 price objective on shares of Globalstar in a research note on Monday, March 2nd. Deutsche Bank Aktiengesellschaft began coverage on shares of Globalstar in a research note on Tuesday, December 16th. They issued a "hold" rating and a $62.00 price objective on the stock. Zacks Research cut shares of Globalstar from a "hold" rating to a "strong sell" rating in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Globalstar in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $69.00.
Get Our Latest Stock Report on GSAT
Globalstar Company Profile
(
Get Free Report)
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.
Further Reading
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