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BUZZ-Telit: house broker gets behind co after "badly explained" share sale

Reuters - UK Focus

** Internet of things (Frankfurt: 7IT.F - news) company Telit rises 2.6 pct as house broker Berenberg gets behind stock despite criticising a recent management share sale

** Shares (Berlin: DI6.BE - news) fell on May 24 after CEO Oozi Cats sold a third of his stake in the company in order to repay a loan that had been used to buy Telit stock

** Berenberg, that was the sole bookrunner on the deal, called recent director sales "badly explained" on Friday, but said recent contract wins for the company had been promising and sees the company's valuation as attractive

** Stock is down by around a quarter since hitting an all-time high in early May

** Still the most shorted stock on AIM with four funds disclosing positions totalling 8.5 pct