Telesat (NASDAQ:TSAT) Sets New 1-Year High – Here’s What Happened

Telesat Corporation (NASDAQ:TSAT)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $60.78 and last traded at $59.4460, with a volume of 19830 shares trading hands. The stock had previously closed at $58.92.

Analysts Set New Price Targets

TSAT has been the subject of several recent research reports. Stifel Nicolaus assumed coverage on Telesat in a report on Thursday, July 16th. They set a “buy” rating for the company. Wall Street Zen cut shares of Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. Zacks Research downgraded shares of Telesat from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Scotiabank assumed coverage on shares of Telesat in a research note on Monday, July 13th. They issued a “hold” rating for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Telesat in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $33.50.

Telesat Stock Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 0.25 and a quick ratio of 0.25. The stock has a market capitalization of $854.16 million, a PE ratio of -6.44 and a beta of 2.07. The stock has a 50 day moving average of $44.05 and a two-hundred day moving average of $41.24.

Institutional Investors Weigh In On Telesat

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its position in shares of 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 buying an additional 712 shares in the last quarter. Allied Private Wealth LLC purchased a new stake in shares of Telesat in the 2nd quarter worth about $51,000. Acadian Asset Management LLC grew its stake in Telesat by 63.3% in the 1st quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock valued at $119,000 after acquiring an additional 2,473 shares during the last quarter. Senvest Management LLC grew its stake 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 acquiring an additional 3,000 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Telesat by 1,335.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock valued at $101,000 after acquiring 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.