Telesat (NASDAQ:TSAT) Shares Gap Down – What’s Next?

Telesat Corporation (NASDAQ:TSAT) gapped down before the market opened on Thursday . The stock had previously closed at $61.40, but opened at $57.35. Telesat shares last traded at $56.7510, with a volume of 26,731 shares changing hands.

Analyst Upgrades and Downgrades

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

Telesat Stock Performance

The firm has a 50 day moving average of $44.66 and a two-hundred day moving average of $41.85. The stock has a market cap of $788.89 million, a PE ratio of -5.90 and a beta of 2.07. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.25 and a quick ratio of 0.25.

Hedge Funds Weigh In On Telesat

Several hedge funds have recently added to or reduced their stakes in TSAT. Van Berkom & Associates Inc. acquired a new position in Telesat in the first quarter valued at approximately $991,000. Gamco Investors INC. ET AL increased its stake in shares of 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 period. Walleye Capital LLC grew its stake in shares of Telesat by 210.1% in the 1st quarter. Walleye Capital LLC now owns 57,017 shares of the company’s stock worth $2,064,000 after purchasing an additional 38,630 shares during the last quarter. K.J. Harrison & Partners Inc lifted its position in shares of Telesat by 20.7% during the 4th quarter. K.J. Harrison & Partners Inc now owns 70,000 shares of the company’s stock valued at $2,021,000 after acquiring an additional 12,000 shares during the last quarter. Finally, Vestcor Inc lifted its holdings in shares of Telesat by 14.3% during the fourth quarter. Vestcor Inc now owns 200,000 shares of the company’s stock valued at $5,820,000 after purchasing an additional 25,000 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.