Telesat Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

NasdaqGS:TSAT Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
26 Jun 25	SellUS$57,218	Glenn Katz	Individual	2,477	US$23.11
26 Jun 25	SellUS$319,338	Glenn Katz	Individual	13,649	US$23.50
26 Jun 25	SellUS$127,993	Glenn Katz	Individual	5,402	US$24.31
26 Jun 25	SellUS$161,838	Glenn Katz	Individual	6,472	US$25.51
20 Dec 24	SellUS$11,315	Michèle Beck	Individual	650	US$17.41
20 Dec 24	SellUS$216,068	John Flaherty	Individual	12,000	US$18.01
18 Dec 24	SellUS$23,440	Michèle Beck	Individual	1,300	US$18.19
17 Dec 24	SellUS$200,594	John Flaherty	Individual	11,500	US$17.47
12 Dec 24	SellUS$84	John Flaherty	Individual	6	US$13.93
11 Dec 24	SellUS$76,205	David Wendling	Individual	4,500	US$17.38
11 Dec 24	SellUS$5,209	Michèle Beck	Individual	300	US$17.36
02 Dec 24	SellUS$56	Paul Firkins	Individual	4	US$13.91

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of TSAT?
Owner Type	Number of Shares	Ownership Percentage
Hedge Funds	2,609,296	17.6%
Individual Insiders	3,468,470	23.4%
Institutions	8,731,043	59%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 92.15% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
17.5%	GAMCO Investors, Inc.	2,581,373	US$246.8m	0.52%	0.26%
12.2%	Rubric Capital Management LP	1,803,545	US$172.5m	87.9%	0.64%
10.3%	Heard Capital LLC	1,519,410	US$145.3m	-7.73%	2.08%
8.9%	Qwest Investment Fund Management Ltd.	1,317,000	US$125.9m	0%	51.1%
7.88%	Daniel Goldberg	1,166,177	US$111.5m	0.26%	no data
5.45%	Greywolf Capital Management LP	805,751	US$77.0m	0%	27.67%
4.51%	Philosophy Capital Management LLC	667,287	US$63.8m	0%	2.21%
3.52%	Daniel Lau	520,400	US$49.8m	0%	no data
3.41%	Christine Man	504,950	US$48.3m	0%	no data
3.29%	Highland Capital Management, L.P.	487,206	US$46.6m	-10.4%	2.54%
3.15%	Lm Asset (im) Inc.	466,450	US$44.6m	0%	9.59%
1.58%	Michael Schwartz	233,875	US$22.4m	12.4%	no data
1.38%	Andrew Browne	203,758	US$19.5m	-12.4%	no data
1.04%	Gabelli & Company Investment Advisers, Inc.	153,222	US$14.7m	2.17%	1.12%
0.9%	Christopher DiFrancesco	133,245	US$12.7m	1.39%	no data
0.84%	Vestcor Inc.	125,000	US$12.0m	0%	0.1%
0.81%	Glenn Katz	119,574	US$11.4m	39%	no data
0.77%	PCJ Investment Counsel Ltd.	113,850	US$10.9m	0.93%	0.93%
0.77%	Caption Management, LLC	113,604	US$10.9m	-18.1%	0.25%
0.72%	David Wendling	106,110	US$10.1m	0%	no data
0.69%	Michael Boychuk	101,872	US$9.7m	0%	no data
0.69%	Michael Targoff	101,872	US$9.7m	0%	no data
0.68%	PenderFund Capital Management Ltd.	100,600	US$9.6m	0%	0.63%
0.67%	Michèle Beck	99,204	US$9.5m	19.3%	no data
0.6%	Connor, Clark & Lunn Investment Management Ltd.	88,038	US$8.4m	35.3%	0.01%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/10/03 15:29
End of Day Share Price	2025/10/03 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Telesat Corporation is covered by 4 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
David McFadgen	Cormark Securities Inc.
Xin Yu	Deutsche Bank
Xin Yu	Deutsche Bank