Telesat (NASDAQ:TSAT) Shares Gap Down – Here’s What Happened

Shares of Telesat Corporation (NASDAQ:TSAT) gapped down prior to trading on Thursday . The stock had previously closed at $61.40, but opened at $57.35. Telesat shares last traded at $56.7510, with a volume of 26,731 shares.

Analysts Set New Price Targets

Several research firms have recently weighed in on TSAT. Weiss Ratings reissued a “sell (d-)” rating on shares of Telesat in a report on Thursday, June 18th. New Street Research assumed coverage on shares of Telesat in a research report on Wednesday, May 13th. They issued a “sell” rating and a $30.00 target price for the company. Zacks Research lowered shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Wall Street Zen lowered shares of Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. Finally, Stifel Nicolaus started coverage on Telesat in a report on Thursday, July 16th. They set a “buy” rating on the stock. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Telesat presently has a consensus rating of “Reduce” and an average price target of $33.50.

Telesat Trading Down 3.8%

The firm has a market capitalization of $751.50 million, a P/E ratio of -5.61 and a beta of 2.07. 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 $44.74 and a 200-day simple moving average of $42.07.

Institutional Trading of Telesat

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TSAT. Allied Private Wealth LLC bought a new position in Telesat in the second quarter worth approximately $51,000. Royal Bank of Canada grew its position in shares of Telesat by 32.2% during the 4th quarter. Royal Bank of Canada now owns 2,922 shares of the company’s stock valued at $85,000 after acquiring an additional 712 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Telesat by 1,335.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock worth $101,000 after purchasing an additional 3,552 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Telesat by 63.3% in the 1st quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock worth $119,000 after purchasing an additional 2,473 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in Telesat in the 4th quarter worth $211,000.

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.