Telesat (NASDAQ:TSAT) Shares Gap Up – Still a Buy?

Telesat Corporation (NASDAQ:TSAT) shares gapped up before the market opened on Wednesday . The stock had previously closed at $33.65, but opened at $36.80. Telesat shares last traded at $36.3610, with a volume of 7,674 shares traded.

Wall Street Analyst Weigh In

TSAT has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a research note on Thursday, March 19th. Weiss Ratings restated a “sell (d+)” rating on shares of Telesat in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Telesat currently has an average rating of “Reduce” and an average target price of $37.00.

Telesat Price Performance

The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.66. The company has a 50 day moving average price of $31.98 and a 200 day moving average price of $30.11. The company has a market capitalization of $510.13 million, a P/E ratio of -4.75 and a beta of 1.95.

Telesat (NASDAQ:TSAT) last posted its earnings results on Tuesday, March 17th. The company reported ($0.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. Telesat had a negative return on equity of 1.10% and a negative net margin of 37.25%.The business had revenue of $68.48 million for the quarter, compared to analyst estimates of $91.95 million.

Institutional Trading of Telesat

A number of hedge funds have recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings 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 worth $85,000 after buying an additional 712 shares during the period. BNP Paribas Financial Markets raised 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 valued at $101,000 after acquiring an additional 3,552 shares during the period. Acadian Asset Management LLC lifted its position in Telesat by 63.3% during the first 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 last quarter. Virtu Financial LLC acquired a new stake in Telesat during the fourth quarter worth approximately $211,000. Finally, Quarry LP bought a new stake in shares of Telesat during the third quarter worth approximately $212,000.

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.