Telesat (NASDAQ:TSAT) Trading 6% Higher – Here’s Why

by · The Markets Daily

Telesat Corporation (NASDAQ:TSAT – Get Free Report) rose 6% during trading on Wednesday . The company traded as high as $46.99 and last traded at $46.5650. Approximately 31,742 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 215,397 shares. The stock had previously closed at $43.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised their price target on Telesat from $19.00 to $37.00 and gave the stock a “hold” rating in a research note on Thursday, March 19th. New Street Research began coverage on Telesat in a report on Wednesday, May 13th. They issued a “sell” rating and a $30.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Telesat in a research report on Thursday, June 18th. Zacks Research cut shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Finally, Wall Street Zen downgraded shares of Telesat from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 25th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $33.50.

Read Our Latest Report on TSAT

Telesat Stock Up 2.3%

The business has a 50-day simple moving average of $48.94 and a two-hundred day simple moving average of $39.56. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.77. The company has a market cap of $666.76 million, a price-to-earnings ratio of -4.98 and a beta of 2.03.

Telesat (NASDAQ:TSAT – Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($2.21) EPS for the quarter, missing the consensus estimate of ($0.67) by ($1.54). Telesat had a negative net margin of 47.57% and a negative return on equity of 4.02%. The company had revenue of $62.62 million for the quarter, compared to analyst estimates of $62.03 million. As a group, equities analysts forecast that Telesat Corporation will post -3.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TSAT. Royal Bank of Canada raised its holdings in Telesat by 32.2% in the 4th quarter. Royal Bank of Canada now owns 2,922 shares of the company’s stock worth $85,000 after acquiring an additional 712 shares during the period. Acadian Asset Management LLC boosted its holdings in Telesat by 63.3% during the first quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock valued at $119,000 after acquiring an additional 2,473 shares during the period. Senvest Management LLC grew its position in shares of Telesat by 2.2% in the first quarter. Senvest Management LLC now owns 137,668 shares of the company’s stock valued at $4,984,000 after purchasing an additional 3,000 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Telesat by 1,335.3% in the third quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock valued at $101,000 after purchasing an additional 3,552 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec increased its stake in shares of Telesat by 19.4% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 24,668 shares of the company’s stock worth $680,000 after purchasing an additional 4,000 shares during the period.

About Telesat

(Get Free Report)

Telesat is a leading global satellite operator that designs, builds and delivers high-performance satellite communications solutions across multiple markets. The company operates a fleet of geostationary satellites to provide video distribution, data networking and managed broadband services to media companies, network operators, governments and enterprise customers. Telesat’s infrastructure supports television distribution, cellular backhaul, rural broadband and corporate network applications.

In addition to its geostationary offerings, Telesat is developing a low Earth orbit (LEO) satellite constellation known as Lightspeed.

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