Telesat (NASDAQ:TSAT) Shares Up 6% – Should You Buy?

Telesat Corporation (NASDAQ:TSAT)’s share price rose 6% during trading on Wednesday . The company traded as high as $46.99 and last traded at $46.5650. Approximately 31,742 shares were traded during mid-day trading, a decline of 85% from the average session volume of 215,397 shares. The stock had previously closed at $43.94.

Analyst Ratings Changes

TSAT has been the topic of a number of analyst reports. Wall Street Zen lowered shares of Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Telesat in a research note on Thursday, June 18th. Zacks Research lowered Telesat from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. New Street Research initiated coverage on Telesat in a research note on Wednesday, May 13th. They issued a “sell” rating and a $30.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft lifted 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. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $33.50.

Telesat Price Performance

The business’s 50-day moving average price is $48.85 and its 200 day moving average price is $39.78. The company has a market capitalization of $630.28 million, a P/E ratio of -4.71 and a beta of 2.03. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.77.

Telesat (NASDAQ:TSAT) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($2.21) EPS for the quarter, missing the consensus estimate of ($0.67) by ($1.54). Telesat had a negative net margin of 47.57% and a negative return on equity of 4.02%. The firm had revenue of $62.62 million during the quarter, compared to the consensus estimate of $62.03 million. Analysts anticipate that Telesat Corporation will post -3.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Telesat

Institutional investors and hedge funds have recently bought and sold shares of the stock. PenderFund Capital Management Ltd. raised its position in Telesat by 307.3% during the third 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 in the last quarter. Senvest Management LLC boosted 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 worth $3,919,000 after purchasing an additional 97,411 shares in the last quarter. Millennium Management LLC increased its position in shares of Telesat by 245.4% during the 4th quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock valued at $3,739,000 after purchasing an additional 91,272 shares during the last quarter. Polar Asset Management Partners Inc. raised its holdings 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 valued at $2,779,000 after buying an additional 47,725 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in Telesat by 2.5% in the 4th quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock worth $53,302,000 after buying an additional 44,785 shares during 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.