Globalstar, Inc. (NYSEARCA:GSAT) General Counsel L Barbee Iv Ponder Sells 488 Shares

Globalstar, Inc. (NYSEARCA:GSAT) General Counsel L Barbee Iv Ponder sold 488 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.71, for a total transaction of $10,594.48. Following the completion of the transaction, the general counsel now directly owns 145,120 shares in the company, valued at $3,150,555.20. This represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Globalstar Price Performance

GSAT opened at $22.19 on Wednesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99. The business has a 50 day simple moving average of $10.29. Globalstar, Inc. has a 1-year low of $15.00 and a 1-year high of $41.10. The stock has a market cap of $42.03 billion, a price-to-earnings ratio of -739.67 and a beta of 1.07.

Institutional Trading of Globalstar

Several institutional investors have recently made changes to their positions in GSAT. Capital Research Global Investors purchased a new stake in shares of Globalstar during the 4th quarter valued at approximately $36,997,000. Wolf Hill Capital Management LP increased its holdings in Globalstar by 80.0% in the 4th quarter. Wolf Hill Capital Management LP now owns 13,050,023 shares of the company’s stock valued at $27,014,000 after purchasing an additional 5,799,366 shares during the last quarter. Ashford Capital Management Inc. increased its holdings in Globalstar by 68.9% in the 4th quarter. Ashford Capital Management Inc. now owns 12,369,340 shares of the company’s stock valued at $25,605,000 after purchasing an additional 5,047,600 shares during the last quarter. AGF Management Ltd. acquired a new stake in Globalstar in the 4th quarter valued at approximately $7,873,000. Finally, Greenhouse Funds LLLP increased its holdings in Globalstar by 14.2% in the 4th quarter. Greenhouse Funds LLLP now owns 26,492,248 shares of the company’s stock valued at $54,839,000 after purchasing an additional 3,300,470 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GSAT. Morgan Stanley raised their target price on shares of Globalstar from $14.85 to $25.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. B. Riley raised their target price on shares of Globalstar from $4.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, Craig Hallum decreased their target price on shares of Globalstar from $75.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 28th.

About Globalstar

Globalstar, Inc provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications.