Telesat (NASDAQ:TSAT) Trading 10.5% Higher – What’s Next?

Telesat Corporation (NASDAQ:TSAT)’s share price shot up 10.5% on Thursday . The stock traded as high as $45.39 and last traded at $46.2250. 120,227 shares changed hands during trading, a decline of 47% from the average daily volume of 225,775 shares. The stock had previously closed at $41.82.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Scotiabank assumed coverage on shares of Telesat in a report on Monday, July 13th. They set a “hold” rating for the company. Stifel Nicolaus began coverage on Telesat in a report on Thursday, July 16th. They issued a “buy” rating on the stock. Zacks Research cut Telesat from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Telesat in a research report on Thursday, June 18th. Finally, Royal Bank Of Canada initiated coverage on Telesat in a research note on Thursday. They issued an “outperform” rating on the stock. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $33.50.

Telesat Stock Performance

The company has a market capitalization of $671.78 million, a P/E ratio of -2.56 and a beta of 2.07. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.17 and a quick ratio of 0.17. The stock’s 50 day simple moving average is $44.50 and its two-hundred day simple moving average is $43.11.

Telesat (NASDAQ:TSAT) last released its quarterly earnings results on Thursday, August 13th. The company reported ($7.85) EPS for the quarter, missing the consensus estimate of ($0.71) by ($7.14). The company had revenue of $57.30 million for the quarter, compared to the consensus estimate of $56.11 million. Telesat had a negative net margin of 102.62% and a negative return on equity of 15.53%. As a group, research analysts expect that Telesat Corporation will post -11.93 earnings per share for the current year.

Institutional Investors Weigh In On Telesat

Institutional investors and hedge funds have recently made changes to their positions in the company. Van Berkom & Associates Inc. acquired a new stake in Telesat in the first quarter worth about $991,000. Walleye Capital LLC lifted its position in Telesat by 210.1% during 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 period. Gamco Investors INC. ET AL boosted its stake in shares of Telesat by 2.5% in the 4th quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock valued at $53,302,000 after purchasing an additional 44,785 shares during the last quarter. Vestcor Inc grew its position in shares of Telesat by 14.3% during the 4th quarter. Vestcor Inc now owns 200,000 shares of the company’s stock worth $5,820,000 after buying an additional 25,000 shares during the period. Finally, K.J. Harrison & Partners Inc raised its stake in shares of Telesat by 20.7% during the fourth quarter. K.J. Harrison & Partners Inc now owns 70,000 shares of the company’s stock worth $2,021,000 after buying an additional 12,000 shares during 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.