Telesat (NASDAQ:TSAT) Shares Down 6.2% – What’s Next?

Shares of Telesat Corporation (NASDAQ:TSAT) traded down 6.2% during trading on Friday . The stock traded as low as $48.49 and last traded at $48.4860. Approximately 55,883 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 217,170 shares. The stock had previously closed at $51.67.

Analyst Upgrades and Downgrades

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

Telesat Trading Down 6.2%

The company has a market cap of $719.73 million, a price-to-earnings ratio of -2.72 and a beta of 2.06. 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 business’s fifty day simple moving average is $44.91 and its two-hundred day simple moving average is $45.07.

Telesat (NASDAQ:TSAT) last posted its earnings results on Thursday, August 13th. The company reported ($7.85) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $57.30 million during the quarter, compared to analysts’ expectations of $56.11 million. On average, equities analysts predict that Telesat Corporation will post -11.93 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vestcor Inc boosted its holdings in shares of 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 raised its position in Telesat by 2.2% in the 1st 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. Walleye Capital LLC raised its position in Telesat by 210.1% in 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 last quarter. TD Waterhouse Canada Inc. boosted its stake in Telesat by 127.3% during the 2nd 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. Finally, Bank of America Corp DE boosted its stake in Telesat by 72.5% during the 1st quarter. Bank of America Corp DE now owns 34,794 shares of the company’s stock worth $1,260,000 after purchasing an additional 14,626 shares during the period.

Telesat Company Profile

Telesat is a Canadian satellite operator that provides communications services to customers worldwide. Founded in 1969 and headquartered in Ottawa, the company operates geostationary satellites under the Telstar brand and delivers connectivity for telecommunications companies, broadcasters, enterprises, governments and other institutional users.

The company’s services include satellite capacity, broadband connectivity, enterprise networking, video distribution and communications solutions for government and maritime customers.