Telesat (NASDAQ:TSAT) Stock Price Down 9.4% – Here’s What Happened

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

Analysts Set New Price Targets

TSAT has been the topic of several analyst reports. Zacks Research downgraded shares of Telesat from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a report on Thursday, March 19th. New Street Research initiated coverage on shares of Telesat in a report on Wednesday, May 13th. They set a “sell” rating and a $30.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Telesat currently has an average rating of “Reduce” and an average price target of $33.50.

Telesat Trading Down 5.3%

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 stock has a 50-day simple moving average of $48.99 and a two-hundred day simple moving average of $37.38. The firm has a market capitalization of $704.23 million, a P/E ratio of -5.25 and a beta of 2.01.

Telesat (NASDAQ:TSAT) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($1.54). The business had revenue of $62.59 million for the quarter, compared to analysts’ expectations of $62.03 million. Telesat had a negative net margin of 47.57% and a negative return on equity of 4.02%. On average, equities research analysts anticipate that Telesat Corporation will post -3.73 earnings per share for the current year.

Hedge Funds Weigh In On Telesat

Institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its holdings in shares of Telesat by 72.5% in the 1st quarter. Bank of America Corp DE now owns 34,794 shares of the company’s stock valued at $1,260,000 after buying an additional 14,626 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Telesat by 100.2% in the 1st quarter. Royal Bank of Canada now owns 5,850 shares of the company’s stock valued at $212,000 after buying an additional 2,928 shares in the last quarter. Senvest Management LLC boosted its holdings in shares of 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 buying an additional 3,000 shares in the last quarter. Walleye Capital LLC boosted its holdings in shares of Telesat by 210.1% in the 1st quarter. Walleye Capital LLC now owns 57,017 shares of the company’s stock valued at $2,064,000 after buying an additional 38,630 shares in the last quarter. Finally, Militia Capital Management LLC bought a new stake in shares of Telesat in the 1st quarter valued at about $560,000.

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.