Telesat (NASDAQ:TSAT) Stock Falls 5.9% – Here’s What Happened

Telesat Corporation (NASDAQ:TSAT) shares were down 5.9% on Tuesday. The stock traded as low as $40.88 and last traded at $42.24. 25,092 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 207,923 shares. The stock had previously closed at $44.88.

Analysts Set New Price Targets

TSAT has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Telesat in a research note on Monday, September 14th. Scotiabank assumed coverage on shares of Telesat in a research note on Monday, July 13th. They set a “hold” rating for the company. Zacks Research downgraded shares of Telesat from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Royal Bank Of Canada assumed coverage on shares of Telesat in a report on Thursday, August 27th. They issued a “moderate buy” rating for the company. Finally, Stifel Nicolaus initiated coverage on shares of Telesat in a research report on Thursday, July 16th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $33.50.

Telesat Trading Down 4.5%

The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $652.56 million, a price-to-earnings ratio of -2.39 and a beta of 2.11. The business has a 50-day moving average of $47.05 and a two-hundred day moving average of $46.70.

Telesat (NASDAQ:TSAT) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($7.85) EPS for the quarter, missing the consensus estimate of ($0.71) by ($7.14). Telesat had a negative net margin of 102.62% and a negative return on equity of 15.53%. The firm had revenue of $57.30 million during the quarter, compared to analyst estimates of $56.11 million. Research analysts predict that Telesat Corporation will post -11.93 EPS for the current fiscal year.

Institutional Trading of Telesat

Institutional investors and hedge funds have recently modified their holdings of the company. Walleye Capital LLC raised its stake in shares of Telesat by 210.1% in the first quarter. Walleye Capital LLC now owns 57,017 shares of the company’s stock valued at $2,064,000 after purchasing an additional 38,630 shares in the last quarter. TD Waterhouse Canada Inc. lifted its position in Telesat by 127.3% in the second quarter. TD Waterhouse Canada Inc. now owns 53,708 shares of the company’s stock worth $2,516,000 after purchasing an additional 30,076 shares during the period. Van Berkom & Associates Inc. bought a new position in Telesat in the first quarter worth $991,000. Militia Capital Management LLC acquired a new stake in Telesat during the first quarter worth $560,000. Finally, Bank of America Corp DE boosted its stake in Telesat by 72.5% during the first quarter. Bank of America Corp DE now owns 34,794 shares of the company’s stock worth $1,260,000 after buying an additional 14,626 shares in the last quarter.

About Telesat

Telesat is a Canadian satellite operator that provides communications services to customers worldwide. Founded in 1969 and headquartered in Ottawa, Ontario, the company operates a fleet of geostationary satellites and related ground infrastructure designed to support broadband connectivity, broadcasting, enterprise communications, mobility and government applications.

Telesat serves telecommunications companies, broadcasters, content providers, governments and other organizations across North America and international markets.