Renaissance Technologies LLC Sells 30,037 Shares of Telesat Corporation $TSAT

Key Points

• Renaissance Technologies cut its Telesat stake by 53.8% in the first quarter, selling 30,037 shares and retaining 25,763 shares valued at approximately $933,000.
• Institutional sentiment was mixed, with Acadian Asset Management, Bank of America, JPMorgan and BNP Paribas increasing their positions while other analysts maintained cautious views. Telesat has an average analyst rating of “Reduce” and a consensus price target of $33.50.
• TSAT opened at $50.64 and has traded between $19.59 and $61.54 over the past year. Telesat operates geostationary satellites and is developing its Lightspeed low Earth orbit constellation.

Renaissance Technologies LLC reduced its stake in Telesat Corporation (NASDAQ:TSAT - Free Report) by 53.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,763 shares of the company's stock after selling 30,037 shares during the period. Renaissance Technologies LLC owned approximately 0.17% of Telesat worth $933,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Acadian Asset Management LLC raised its position in shares of Telesat by 63.3% in the 1st quarter. Acadian Asset Management LLC now owns 6,381 shares of the company's stock worth $119,000 after purchasing an additional 2,473 shares during the last quarter. Jump Financial LLC bought a new position in Telesat in the 2nd quarter worth about $449,000. Bank of America Corp DE grew its position in Telesat by 264.3% during the 2nd quarter. Bank of America Corp DE now owns 56,401 shares of the company's stock valued at $1,378,000 after purchasing an additional 40,919 shares during the last quarter. JPMorgan Chase & Co. grew its position in Telesat by 189.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,932 shares of the company's stock valued at $422,000 after purchasing an additional 10,428 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Telesat by 1,335.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company's stock valued at $101,000 after purchasing an additional 3,552 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Zacks Research cut shares of Telesat from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. Stifel Nicolaus began coverage on shares of Telesat in a report on Thursday, July 16th. They set a "buy" rating on the stock. Wall Street Zen downgraded shares of Telesat from a "sell" rating to a "strong sell" rating in a research report on Saturday, April 25th. Weiss Ratings restated a "sell (d-)" rating on shares of Telesat in a report on Thursday, June 18th. Finally, New Street Research started coverage on Telesat in a research report on Wednesday, May 13th. They issued a "sell" rating and a $30.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $33.50.

Telesat Stock Performance

Shares of TSAT stock opened at $50.64 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.77. The company has a 50 day moving average price of $44.74 and a 200-day moving average price of $42.07. Telesat Corporation has a 52 week low of $19.59 and a 52 week high of $61.54. The firm has a market capitalization of $751.50 million, a PE ratio of -5.61 and a beta of 2.07.

About Telesat

Telesat is a leading global satellite operator that designs, builds and delivers high-performance satellite communications solutions across multiple markets. The company operates a fleet of geostationary satellites to provide video distribution, data networking and managed broadband services to media companies, network operators, governments and enterprise customers. Telesat's infrastructure supports television distribution, cellular backhaul, rural broadband and corporate network applications.

In addition to its geostationary offerings, Telesat is developing a low Earth orbit (LEO) satellite constellation known as Lightspeed.

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