Brokerages Set Telesat Corporation (NASDAQ:TSAT) Target Price at $33.50

Shares of Telesat Corporation (NASDAQ:TSAT) have been given a consensus rating of “Reduce” by the six research firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $33.50.

Several equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Scotiabank started coverage on shares of Telesat in a report on Monday, July 13th. They set a “hold” rating for the company. New Street Research initiated coverage on shares of Telesat in a research report on Wednesday, May 13th. They set a “sell” rating and a $30.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Telesat in a research note on Thursday, June 18th. Finally, Zacks Research lowered shares of Telesat from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th.

Telesat Stock Performance

Shares of NASDAQ TSAT opened at $52.62 on Friday. The business has a fifty day simple moving average of $44.62 and a 200 day simple moving average of $42.01. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $780.88 million, a price-to-earnings ratio of -5.83 and a beta of 2.07. Telesat has a one year low of $19.59 and a one year high of $61.54.

Hedge Funds Weigh In On Telesat

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Allied Private Wealth LLC bought a new stake in Telesat in the second quarter valued at $51,000. Royal Bank of Canada lifted its holdings in shares of Telesat by 32.2% during the fourth quarter. Royal Bank of Canada now owns 2,922 shares of the company’s stock valued at $85,000 after acquiring an additional 712 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Telesat by 1,335.3% in the 3rd 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. Acadian Asset Management LLC boosted its stake 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 valued at $119,000 after purchasing an additional 2,473 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Telesat in the 4th quarter worth about $211,000.

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.