Telesat (NASDAQ:TSAT) Downgraded by Zacks Research to Strong Sell

Zacks Research lowered shares of Telesat (NASDAQ:TSAT) from a hold rating to a strong sell rating in a research report report published on Wednesday,Zacks.com reports.

Several other brokerages have also issued reports on TSAT. Weiss Ratings restated a “sell (d-)” rating on shares of Telesat in a research note on Thursday, June 18th. Stifel Nicolaus began coverage on shares of Telesat in a research report on Thursday, July 16th. They issued a “buy” rating for the company. New Street Research initiated coverage on shares of Telesat in a research report on Wednesday, May 13th. They issued a “sell” rating and a $30.00 target price on the stock. Wall Street Zen downgraded shares of Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. Finally, Scotiabank started coverage on shares of Telesat in a report on Monday, July 13th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Telesat has an average rating of “Reduce” and an average price target of $33.50.

Telesat Stock Performance

NASDAQ TSAT opened at $44.30 on Wednesday. Telesat has a 12-month low of $19.65 and a 12-month high of $61.54. The company has a market cap of $657.41 million, a P/E ratio of -2.48 and a beta of 2.07. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.90. The company has a fifty day simple moving average of $44.84 and a 200 day simple moving average of $42.67.

Telesat (NASDAQ:TSAT) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($7.85) EPS for the quarter, missing the consensus estimate of ($0.71) by ($7.14). The company had revenue of $57.30 million during the quarter, compared to analysts’ expectations of $56.11 million. Telesat had a negative return on equity of 15.53% and a negative net margin of 102.62%. Sell-side analysts predict that Telesat will post -11.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PenderFund Capital Management Ltd. lifted its stake in shares of Telesat by 307.3% in the 3rd quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company’s stock valued at $10,512,000 after purchasing an additional 309,153 shares during the last quarter. Senvest Management LLC raised its holdings in shares of Telesat by 261.5% in the 4th quarter. Senvest Management LLC now owns 134,668 shares of the company’s stock valued at $3,919,000 after purchasing an additional 97,411 shares in the last quarter. Millennium Management LLC lifted its holdings in Telesat by 245.4% during the fourth quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock worth $3,739,000 after buying an additional 91,272 shares during the period. Polar Asset Management Partners Inc. lifted its stake in shares of Telesat by 83.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 105,225 shares of the company’s stock worth $2,779,000 after purchasing an additional 47,725 shares during the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in Telesat by 2.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock valued at $53,302,000 after acquiring an additional 44,785 shares during the last quarter.

About Telesat

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.