Telesat (NASDAQ:TSAT) Stock Price Down 9.4% – What’s Next?

Telesat Corporation (NASDAQ:TSAT)’s share price traded down 9.4% during mid-day trading on Friday . The company traded as low as $46.32 and last traded at $45.40. 130,821 shares changed hands during trading, a decline of 38% from the average session volume of 212,109 shares. The stock had previously closed at $50.12.

Analyst Ratings Changes

A number of research firms have commented on TSAT. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Telesat from $19.00 to $37.00 and gave the stock a “hold” rating in a research report on Thursday, March 19th. Wall Street Zen downgraded shares of Telesat from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 25th. New Street Research began 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 downgraded shares of Telesat from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Two research 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, the company currently has an average rating of “Reduce” and a consensus price target of $33.50.

Telesat Price Performance

The company has a market capitalization of $696.14 million, a P/E ratio of -5.20 and a beta of 2.01. The business’s 50-day simple moving average is $49.23 and its 200 day simple moving average is $37.45. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.77.

Telesat (NASDAQ:TSAT) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($2.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($1.54). Telesat had a negative return on equity of 4.02% and a negative net margin of 47.57%.The company had revenue of $62.59 million for the quarter, compared to the consensus estimate of $62.03 million. As a group, sell-side analysts anticipate that Telesat Corporation will post -3.73 EPS for the current year.

Institutional Trading of Telesat

A number of hedge funds and other institutional investors have recently made changes to their positions in TSAT. Acadian Asset Management LLC raised its holdings in shares of Telesat by 63.3% in the 1st quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock worth $119,000 after purchasing an additional 2,473 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Telesat in the 2nd quarter worth approximately $449,000. Bank of America Corp DE raised its holdings in shares of Telesat by 264.3% in the 2nd quarter. Bank of America Corp DE now owns 56,401 shares of the company’s stock worth $1,378,000 after purchasing an additional 40,919 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Telesat by 189.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,932 shares of the company’s stock worth $422,000 after purchasing an additional 10,428 shares in the last quarter. Finally, K.J. Harrison & Partners Inc raised its holdings in shares of Telesat by 128.3% in the 3rd quarter. K.J. Harrison & Partners Inc now owns 58,000 shares of the company’s stock worth $1,609,000 after purchasing an additional 32,600 shares in 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.