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 stock traded as low as $55.40 and last traded at $54.50. Approximately 10,282 shares were traded during trading, a decline of 95% from the average daily volume of 191,590 shares. The stock had previously closed at $58.51.

Analyst Ratings Changes

Several equities research analysts have issued reports on TSAT shares. Wall Street Zen cut shares of Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a research report on Thursday, March 19th. New Street Research assumed coverage on shares of Telesat in a research report on Wednesday, May 13th. They set a “sell” rating and a $30.00 price target on the stock. Finally, Zacks Research cut shares of Telesat from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Telesat has a consensus rating of “Reduce” and an average target price of $33.50.

Telesat Price Performance

The stock’s 50-day simple moving average is $46.97 and its 200 day simple moving average is $35.72. 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 $826.48 million, a price-to-earnings ratio of -6.15 and a beta of 2.02.

Telesat (NASDAQ:TSAT) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($1.54). The business had revenue of $62.59 million for the quarter, compared to analysts’ expectations of $62.03 million. Telesat had a negative return on equity of 4.02% and a negative net margin of 47.57%. On average, equities research analysts anticipate that Telesat Corporation will post -3.73 EPS for the current fiscal year.

Institutional Trading of Telesat

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada boosted its holdings in Telesat by 32.2% in the fourth quarter. Royal Bank of Canada now owns 2,922 shares of the company’s stock valued at $85,000 after purchasing an additional 712 shares in the last quarter. Penserra Capital Management LLC boosted its holdings in Telesat by 4.5% in the third quarter. Penserra Capital Management LLC now owns 29,995 shares of the company’s stock valued at $794,000 after purchasing an additional 1,280 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Telesat by 63.3% in the first quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock valued at $119,000 after purchasing an additional 2,473 shares in the last quarter. Senvest Management LLC boosted 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 purchasing an additional 3,000 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in 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 in the last quarter.

About Telesat

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.