Short Interest in Loral Space & Communications Ltd. (NASDAQ:LORL) Drops By 6.1%

Loral Space & Communications Ltd. (NASDAQ:LORL) was the recipient of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 108,500 shares, a decrease of 6.1% from the September 30th total of 115,500 shares. Approximately 0.5% of the shares of the company are sold short. Based on an average daily volume of 37,700 shares, the short-interest ratio is currently 2.9 days.

LORL has been the subject of several analyst reports. BidaskClub cut shares of Loral Space & Communications Ltd. from a “sell” rating to a “strong sell” rating in a report on Saturday, November 9th. ValuEngine raised shares of Loral Space & Communications Ltd. from a “hold” rating to a “buy” rating in a report on Friday, October 4th.

NASDAQ LORL traded down $1.17 during trading hours on Tuesday, hitting $35.94. 1,827 shares of the stock were exchanged, compared to its average volume of 39,848. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 27.92 and a beta of 0.99. Loral Space & Communications Ltd. has a 12-month low of $33.33 and a 12-month high of $47.07. The stock has a 50-day moving average of $40.17 and a 200 day moving average of $37.52.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Patriot Financial Group Insurance Agency LLC increased its holdings in Loral Space & Communications Ltd. by 42.9% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,000 shares of the communications equipment provider’s stock valued at $35,000 after buying an additional 300 shares in the last quarter. Bank of Montreal Can increased its holdings in Loral Space & Communications Ltd. by 106.0% in the second quarter. Bank of Montreal Can now owns 2,066 shares of the communications equipment provider’s stock valued at $71,000 after buying an additional 1,063 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Loral Space & Communications Ltd. in the third quarter valued at about $174,000. BNP Paribas Arbitrage SA increased its holdings in Loral Space & Communications Ltd. by 7.6% in the second quarter. BNP Paribas Arbitrage SA now owns 5,489 shares of the communications equipment provider’s stock valued at $189,000 after buying an additional 390 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Loral Space & Communications Ltd. in the second quarter valued at about $293,000. 65.70% of the stock is owned by hedge funds and other institutional investors.

About Loral Space & Communications Ltd.

Loral Space & Communications Inc, a satellite communications company, offers satellite-based communications services to the broadcast, telecom, corporate, and government customers worldwide. As of December 31, 2018, the company provided satellite services to its customers through a fleet of 17 in-orbit geostationary satellites; and owned the Canadian Ka-band payload on the ViaSat-1 satellite.

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