Telesat (NASDAQ:TSAT) Stock Price Down 6.1% – Time to Sell?

Telesat Corporation (NASDAQ:TSAT)’s stock price was down 6.1% on Friday . The company traded as low as $50.07 and last traded at $49.4350. Approximately 75,262 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 225,076 shares. The stock had previously closed at $52.62.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of Telesat from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 25th. Scotiabank began coverage on shares of Telesat in a research note on Monday, July 13th. They set a “hold” rating on the stock. New Street Research initiated coverage on shares of Telesat in a report on Wednesday, May 13th. They set a “sell” rating and a $30.00 price objective for the company. Zacks Research cut shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Finally, Stifel Nicolaus started coverage on Telesat in a report on Thursday, July 16th. They issued a “buy” rating on the stock. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $33.50.

Telesat Price Performance

The stock has a fifty day moving average of $44.62 and a 200-day moving average of $42.01. The firm has a market capitalization of $729.64 million, a P/E ratio of -5.45 and a beta of 2.07. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TSAT. Van Berkom & Associates Inc. bought a new stake in shares of Telesat during the first quarter worth $991,000. Gamco Investors INC. ET AL raised its holdings in Telesat by 2.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock worth $53,302,000 after purchasing an additional 44,785 shares during the last quarter. Walleye Capital LLC lifted its position in Telesat by 210.1% during the 1st 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 during the period. Vestcor Inc lifted its position in Telesat by 14.3% during the 4th quarter. Vestcor Inc now owns 200,000 shares of the company’s stock valued at $5,820,000 after purchasing an additional 25,000 shares during the period. Finally, K.J. Harrison & Partners Inc boosted its stake in shares of Telesat by 20.7% in the 4th quarter. K.J. Harrison & Partners Inc now owns 70,000 shares of the company’s stock valued at $2,021,000 after purchasing an additional 12,000 shares during the last quarter.

Telesat Company Profile

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.