Telesat (NASDAQ:TSAT) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of Telesat (NASDAQ:TSAT) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Telesat in a research note on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft boosted their price objective 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 began coverage on shares of Telesat in a research note on Wednesday, May 13th. They set a “sell” rating and a $30.00 price objective for the company. Finally, Wall Street Zen lowered shares of Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $33.50.

Telesat Trading Down 3.8%

NASDAQ:TSAT opened at $50.33 on Monday. Telesat has a one year low of $15.42 and a one year high of $55.83. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.25 and a current ratio of 0.25. The firm has a market cap of $746.90 million, a P/E ratio of -5.58 and a beta of 2.02. The firm has a 50-day simple moving average of $44.26 and a 200-day simple moving average of $34.41.

Telesat (NASDAQ:TSAT) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($2.21) EPS for the quarter, missing the consensus estimate of ($0.67) by ($1.54). Telesat had a negative net margin of 47.57% and a negative return on equity of 4.02%. The business had revenue of $62.59 million during the quarter, compared to the consensus estimate of $62.03 million. Equities analysts anticipate that Telesat will post -3.73 EPS for the current fiscal year.

Institutional Trading of Telesat

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in Telesat by 72.5% during 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 period. Royal Bank of Canada raised its position in Telesat by 100.2% during the first quarter. Royal Bank of Canada now owns 5,850 shares of the company’s stock worth $212,000 after acquiring an additional 2,928 shares during the period. Senvest Management LLC raised its position in Telesat by 2.2% during the first quarter. Senvest Management LLC now owns 137,668 shares of the company’s stock worth $4,984,000 after acquiring an additional 3,000 shares during the period. Walleye Capital LLC raised its position in Telesat by 210.1% during 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 period. Finally, Militia Capital Management LLC acquired a new position in Telesat during the first quarter worth $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.