Garnet Equity Capital Holdings Inc. Buys 22,000 Shares of Telesat Corp (NASDAQ:TSAT)

Garnet Equity Capital Holdings Inc. raised its position in shares of Telesat Corp (NASDAQ:TSAT) by 27.7% in the fourth quarter, HoldingsChannel reports. The fund owned 101,314 shares of the company’s stock after acquiring an additional 22,000 shares during the period. Telesat accounts for approximately 0.3% of Garnet Equity Capital Holdings Inc.’s investment portfolio, making the stock its 18th largest holding. Garnet Equity Capital Holdings Inc.’s holdings in Telesat were worth $1,057,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Jump Financial LLC acquired a new stake in Telesat in the 3rd quarter worth about $177,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Telesat in the third quarter valued at approximately $406,000. Acadian Asset Management LLC acquired a new position in Telesat in the 3rd quarter valued at $738,000. Tejara Capital Ltd lifted its position in shares of Telesat by 1.6% during the 3rd quarter. Tejara Capital Ltd now owns 139,971 shares of the company’s stock valued at $2,002,000 after acquiring an additional 2,253 shares during the period. Finally, Gabelli Funds LLC grew its holdings in shares of Telesat by 3.6% during the 3rd quarter. Gabelli Funds LLC now owns 1,076,795 shares of the company’s stock worth $15,398,000 after purchasing an additional 37,855 shares in the last quarter.

Analyst Ratings Changes

Separately, Deutsche Bank Aktiengesellschaft began coverage on Telesat in a report on Tuesday. They issued a “hold” rating and a $9.00 price objective on the stock.

Telesat Price Performance

NASDAQ TSAT traded up $0.28 during trading hours on Thursday, hitting $7.38. 18,625 shares of the company’s stock traded hands, compared to its average volume of 32,600. Telesat Corp has a 52-week low of $6.90 and a 52-week high of $22.75. The company has a debt-to-equity ratio of 1.34, a current ratio of 13.19 and a quick ratio of 13.19. The company has a market capitalization of $94.54 million, a PE ratio of 0.85 and a beta of 2.11. The firm’s 50-day moving average is $8.44 and its 200-day moving average is $9.71.

Telesat (NASDAQ:TSAT) last announced its quarterly earnings results on Thursday, March 28th. The company reported $0.22 earnings per share for the quarter. Telesat had a net margin of 22.44% and a negative return on equity of 1.72%. The firm had revenue of $121.87 million for the quarter.

About Telesat

Telesat Corporation, a satellite operator, provides mission-critical communications solutions to broadcast, enterprise, and consulting customers worldwide. The company’s satellite-based services allow direct-to-home (DTH) service providers to deliver television programming, audio, and information channels directly to customers’ homes; and enables broadcasters, cable networks, and DTH service providers to transmit television programming services.