Telesat (NASDAQ:TSAT) Stock Price Up 9.5% – Here’s Why

Telesat Corporation (NASDAQ:TSAT) shares traded up 9.5% during trading on Thursday . The stock traded as high as $47.79 and last traded at $48.0460. 159,917 shares changed hands during trading, a decline of 24% from the average session volume of 210,552 shares. The stock had previously closed at $43.89.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. New Street Research initiated coverage on shares of Telesat in a report on Wednesday, May 13th. They issued a “sell” rating and a $30.00 target price on the stock. Zacks Research cut 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, Deutsche Bank Aktiengesellschaft upped their target price on shares of Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a report on Thursday, March 19th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $33.50.

Telesat Price Performance

The stock has a market capitalization of $736.69 million, a PE ratio of -5.51 and a beta of 2.01. 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 company’s 50 day simple moving average is $48.71 and its 200 day simple moving average is $37.19.

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

Hedge Funds Weigh In On Telesat

Several large investors have recently bought and sold shares of TSAT. Acadian Asset Management LLC lifted 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 acquiring an additional 2,473 shares during the period. Jump Financial LLC bought a new position in Telesat during the 2nd quarter valued at $449,000. Bank of America Corp DE increased its position in shares of Telesat by 264.3% during the 2nd quarter. Bank of America Corp DE now owns 56,401 shares of the company’s stock valued at $1,378,000 after purchasing an additional 40,919 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Telesat by 189.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,932 shares of the company’s stock worth $422,000 after buying an additional 10,428 shares in the last quarter. Finally, K.J. Harrison & Partners Inc raised its stake in shares of Telesat by 128.3% in the 3rd quarter. K.J. Harrison & Partners Inc now owns 58,000 shares of the company’s stock worth $1,609,000 after buying an additional 32,600 shares in the last quarter.

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.