Renaissance Technologies LLC Sells 2,800 Shares of Telesat Corp (NASDAQ:TSAT)

Renaissance Technologies LLC cut its holdings in shares of Telesat Corp (NASDAQ:TSAT) by 8.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,700 shares of the company’s stock after selling 2,800 shares during the quarter. Renaissance Technologies LLC owned approximately 0.21% of Telesat worth $261,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Quadrature Capital Ltd bought a new stake in Telesat during the fourth quarter worth about $206,000. Gamco Investors INC. ET AL raised its stake in shares of Telesat by 0.9% during the 1st quarter. Gamco Investors INC. ET AL now owns 2,139,479 shares of the company’s stock worth $18,228,000 after purchasing an additional 18,251 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Telesat in the 1st quarter valued at approximately $51,000.

Telesat Trading Up 9.0 %

Shares of NASDAQ:TSAT opened at $13.68 on Friday. Telesat Corp has a 52-week low of $6.93 and a 52-week high of $13.84. The company has a debt-to-equity ratio of 1.15, a quick ratio of 6.13 and a current ratio of 6.13. The company has a market capitalization of $186.61 million, a P/E ratio of 1.91 and a beta of 2.30. The company has a 50-day simple moving average of $10.84 and a 200 day simple moving average of $9.13.

Telesat (NASDAQ:TSAT) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($2.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.47 by ($5.34). Telesat had a net margin of 4.59% and a negative return on equity of 5.90%. The business had revenue of $111.41 million during the quarter, compared to analyst estimates of $106.82 million. Sell-side analysts forecast that Telesat Corp will post -0.06 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Cormark upgraded shares of Telesat to a “moderate buy” rating in a report on Friday, September 20th.

Telesat Company Profile

Telesat Corporation, a satellite operator, provides mission-critical communications solutions to broadcast, enterprise, and consulting customers worldwide. The company’s satellite-based services allow direct-to-home (DTH) service providers to deliver television programming, audio, and information channels directly to customers’ homes; and enables broadcasters, cable networks, and DTH service providers to transmit television programming services.