Telesat Corporation $TSAT Shares Sold by Heard Capital LLC

Heard Capital LLC trimmed its stake in shares of Telesat Corporation (NASDAQ:TSAT) by 16.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,227,343 shares of the company’s stock after selling 244,992 shares during the quarter. Telesat comprises 1.7% of Heard Capital LLC’s portfolio, making the stock its 14th largest position. Heard Capital LLC owned approximately 8.65% of Telesat worth $35,716,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Acadian Asset Management LLC raised its position in shares of Telesat by 63.3% during 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 during the period. BNP Paribas Financial Markets grew its holdings in 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 buying an additional 3,552 shares in the last quarter. Federation des caisses Desjardins du Quebec grew its holdings in Telesat by 19.4% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 24,668 shares of the company’s stock worth $680,000 after buying an additional 4,000 shares in the last quarter. TD Waterhouse Canada Inc. grew its holdings in Telesat by 30.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 20,882 shares of the company’s stock worth $586,000 after buying an additional 4,901 shares in the last quarter. Finally, Quarry LP bought a new position in Telesat in the 3rd quarter worth approximately $212,000.

Telesat Stock Performance

Shares of NASDAQ TSAT opened at $44.80 on Wednesday. The stock has a fifty day moving average price of $49.49 and a two-hundred day moving average price of $37.83. 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 $664.83 million, a P/E ratio of -4.97 and a beta of 2.01. Telesat Corporation has a 1 year low of $17.28 and a 1 year high of $59.12.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on TSAT. Zacks Research lowered Telesat from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. New Street Research began coverage on Telesat in a report on Wednesday, May 13th. They issued a “sell” rating and a $30.00 price objective for the company. Deutsche Bank Aktiengesellschaft increased their price objective on Telesat from $19.00 to $37.00 and gave the stock a “hold” rating in a report on Thursday, March 19th. Finally, Wall Street Zen lowered Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $33.50.

Telesat 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.