Telesat (NASDAQ:TSAT) Stock Rating Lowered by Zacks Research

Telesat (NASDAQ:TSAT) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Telesat from $19.00 to $37.00 and gave the stock a “hold” rating in a research note on Thursday, March 19th. New Street Research initiated coverage on shares of Telesat in a research note on Wednesday, May 13th. They issued a “sell” rating and a $30.00 price objective for the company. Wall Street Zen downgraded shares of Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Telesat in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Telesat has a consensus rating of “Reduce” and an average target price of $33.50.

Telesat Stock Down 3.8%

Telesat stock opened at $50.33 on Monday. Telesat has a twelve month low of $15.42 and a twelve month high of $55.83. The stock’s fifty day simple moving average is $44.26 and its 200-day simple moving average is $34.41. 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 $746.90 million, a P/E ratio of -5.58 and a beta of 2.02.

Telesat (NASDAQ:TSAT) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($2.21) earnings per share 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 analysts’ expectations of $62.03 million. As a group, equities analysts expect that Telesat will post -3.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased 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 buying an additional 712 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Telesat by 1,335.3% during the third quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock worth $101,000 after acquiring an additional 3,552 shares during the last quarter. Acadian Asset Management LLC boosted its position in Telesat by 63.3% during the first quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock worth $119,000 after acquiring an additional 2,473 shares during the last quarter. Virtu Financial LLC acquired a new stake in Telesat during the fourth quarter worth approximately $211,000. Finally, Quarry LP acquired a new position in shares of Telesat in the 3rd quarter valued at $212,000.

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.