NEW YORK (TheStreet) -- Shares of Globalstar (GSAT) were gaining 4.4% to $2.71 after the wireless communications company disclosed insider share purchases by the chairman and CEO, and a director at the company.
In an SEC filing Globalstar disclosed that chairman and CEO James Monroe III bought 175,000 shares of the company at $2.65 a share on Tuesday. Monroe also purchase 150,000 shares of the company on Monday at $2.59 a share. The CEO owns 453,801,477 shares of voting common stock following the two purchases.
Director John Kneuer purchased 15,500 shares of Globalstar at $2.66 a share on Monday, according to an SEC filing. Kneuer owns 80,500 shares of the company following the purchase.
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TheStreet Ratings team rates GLOBALSTAR INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GLOBALSTAR INC (GSAT) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, poor profit margins, weak operating cash flow and feeble growth in its earnings per share."