Market Overview

Loral Space Surges As Leon Cooperman Increases Bet; Other Funds Also Love The Stock

Share:

Shares of Loral Space & Communications Ltd. (NASDAQ: LORL) surged more than 2.3 percent on Thursday trading, after famed investor and hedge fund manager Leon Cooperman disclosed a 9.2 percent increase in his stake in the company.

According to a Schedule 13G form filed with the SEC, Cooperman beneficially owns 1,116,577 shares of the company’s Common Stock, worth more than $73 million at current stock prices. Following the addition of 94,235 shares to his holdings, the investor controls 5.21 percent of the satellite communications company’s outstanding stock.

Related Link: Lessons On Value Investing From Leon Cooperman

Also quite recently –- less than two months ago -- MHR Fund Management, run by Mark Rachesky, boosted its exposure to Loral Space & Communications as well. After purchasing 15,000 shares of the company, the fund disclosed ownership of 8,144,719 shares, making it the largest known institutional investor.

Other funds that seem optimistic about Loral’s prospects are Highland Capital Management and Solus Alternative Asset Management, both of which increased their bet on the company over the last reported quarter to 2,109,229 shares and 2,035,895 shares, respectively. These positions each account for more than 6.5 percent of the company’s shares outstanding.

A final legendary investor supporting Loral is George Soros, whose fund last declared holding 1,055,440 shares, or 3.41 percent of the company.

Posted-In: George Soros Highland Capital Management Leon CoopermanLong Ideas Hedge Funds Movers Trading Ideas General

 

Related Articles (LORL)

View Comments and Join the Discussion!