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

Renaissance Technologies LLC trimmed its position in Telesat Corporation (NASDAQ:TSAT) by 53.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,763 shares of the company’s stock after selling 30,037 shares during the period. Renaissance Technologies LLC’s holdings in Telesat were worth $933,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Gamco Investors INC. ET AL increased its position in shares of Telesat by 2.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock valued at $53,302,000 after purchasing an additional 44,785 shares during the last quarter. PenderFund Capital Management Ltd. boosted its holdings in shares of Telesat by 307.3% in the third quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company’s stock worth $10,512,000 after buying an additional 309,153 shares during the last quarter. Vestcor Inc grew its position in Telesat by 14.3% during the fourth quarter. Vestcor Inc now owns 200,000 shares of the company’s stock valued at $5,820,000 after buying an additional 25,000 shares during the period. Senvest Management LLC grew its position in Telesat by 261.5% during the fourth quarter. Senvest Management LLC now owns 134,668 shares of the company’s stock valued at $3,919,000 after buying an additional 97,411 shares during the period. Finally, Millennium Management LLC increased its holdings in Telesat by 245.4% during the fourth quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock valued at $3,739,000 after buying an additional 91,272 shares during the last quarter.

Telesat Stock Down 3.8%

NASDAQ TSAT opened at $50.64 on Friday. Telesat Corporation has a 12 month low of $19.59 and a 12 month high of $61.54. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.77. The stock has a market cap of $751.50 million, a PE ratio of -5.61 and a beta of 2.07. The stock’s 50 day moving average is $44.74 and its 200 day moving average is $42.07.

Wall Street Analysts Forecast Growth

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

Telesat Profile

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.