Telesat (NASDAQ:TSAT) Trading Down 6.9% – What’s Next?

Telesat Corporation (NASDAQ:TSAT) shares were down 6.9% during mid-day trading on Friday . The company traded as low as $55.40 and last traded at $54.50. Approximately 10,282 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 191,590 shares. The stock had previously closed at $58.51.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a report on Thursday, March 19th. Zacks Research downgraded Telesat from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. New Street Research assumed coverage on Telesat in a report on Wednesday, May 13th. They issued a “sell” rating and a $30.00 price objective for the company. Finally, Wall Street Zen downgraded Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $33.50.

Telesat Trading Down 4.8%

The business’s 50-day moving average is $46.97 and its two-hundred day moving average is $35.72. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.25 and a current ratio of 0.25. The stock has a market capitalization of $826.48 million, a PE ratio of -6.15 and a beta of 2.02.

Telesat (NASDAQ:TSAT) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($2.21) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $62.59 million during the quarter, compared to analysts’ expectations of $62.03 million. As a group, equities research analysts anticipate that Telesat Corporation will post -3.73 earnings per share for the current year.

Hedge Funds Weigh In On Telesat

A number of hedge funds and other institutional investors have recently bought and sold shares of TSAT. Gamco Investors INC. ET AL lifted its holdings in Telesat by 2.5% in the fourth quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock valued at $53,302,000 after acquiring an additional 44,785 shares during the period. PenderFund Capital Management Ltd. lifted its holdings in Telesat by 307.3% in the third quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company’s stock valued at $10,512,000 after acquiring an additional 309,153 shares during the period. Vestcor Inc lifted its holdings in Telesat by 14.3% in the fourth quarter. Vestcor Inc now owns 200,000 shares of the company’s stock valued at $5,820,000 after acquiring an additional 25,000 shares during the period. Senvest Management LLC lifted its holdings in 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 acquiring an additional 3,000 shares during the period. Finally, Millennium Management LLC lifted its holdings in Telesat by 245.4% in the fourth quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock valued at $3,739,000 after acquiring an additional 91,272 shares during the period.

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.