Telesat (NASDAQ:TSAT) Shares Down 7.4% – What’s Next?

Telesat Corporation (NASDAQ:TSAT)’s stock price dropped 7.4% on Thursday. The company traded as low as $43.70 and last traded at $43.2910. 35,951 shares changed hands during trading, a decline of 83% from the average session volume of 209,013 shares. The stock had previously closed at $46.74.

Analysts Set New Price Targets

Several research analysts recently commented on TSAT shares. Scotiabank began coverage on shares of Telesat in a research note on Monday, July 13th. They issued a “hold” rating on the stock. Royal Bank Of Canada began coverage on shares of Telesat in a research report on Thursday, August 27th. They set a “moderate buy” rating for the company. Zacks Research lowered shares of Telesat from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Stifel Nicolaus initiated coverage on shares of Telesat in a report on Thursday, July 16th. They set a “buy” rating for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Telesat in a report on Monday, September 14th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $33.50.

Telesat Stock Down 7.2%

The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.17 and a current ratio of 0.17. The stock’s 50-day moving average price is $47.62 and its two-hundred day moving average price is $46.28. The stock has a market capitalization of $660.24 million, a PE ratio of -2.42 and a beta of 2.11.

Telesat (NASDAQ:TSAT) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($7.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.71) by ($7.14). The business had revenue of $57.30 million for the quarter, compared to analysts’ expectations 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, analysts expect that Telesat Corporation will post -11.93 EPS for the current fiscal year.

Institutional Trading of Telesat

Several hedge funds and other institutional investors have recently made changes to their positions in TSAT. Senvest Management LLC increased its position in Telesat by 2.2% during 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. TD Waterhouse Canada Inc. boosted its holdings in Telesat by 127.3% in the second quarter. TD Waterhouse Canada Inc. now owns 53,708 shares of the company’s stock worth $2,516,000 after acquiring an additional 30,076 shares in the last quarter. Walleye Capital LLC grew its stake in shares of Telesat by 210.1% in the first quarter. Walleye Capital LLC now owns 57,017 shares of the company’s stock worth $2,064,000 after acquiring an additional 38,630 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Telesat by 72.5% in the first quarter. Bank of America Corp DE now owns 34,794 shares of the company’s stock worth $1,260,000 after acquiring an additional 14,626 shares during the last quarter. Finally, Van Berkom & Associates Inc. bought a new position in shares of Telesat during the first quarter valued at $991,000.

Telesat Company Profile

Telesat is a Canadian satellite operator that provides communications services to customers worldwide. Founded in 1969 and headquartered in Ottawa, Ontario, the company operates a fleet of geostationary satellites and related ground infrastructure designed to support broadband connectivity, broadcasting, enterprise communications, mobility and government applications.

Telesat serves telecommunications companies, broadcasters, content providers, governments and other organizations across North America and international markets.