Telesat (NASDAQ:TSAT) Rating Lowered to Strong Sell at Zacks Research

Telesat (NASDAQ:TSAT) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

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

Telesat Stock Down 3.9%

Shares of NASDAQ TSAT opened at $44.30 on Wednesday. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.90. Telesat has a 12-month low of $19.65 and a 12-month high of $61.54. The firm’s 50-day moving average price is $44.84 and its 200-day moving average price is $42.67. The stock has a market capitalization of $657.41 million, a price-to-earnings ratio of -2.48 and a beta of 2.07.

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

Institutional Investors Weigh In On Telesat

Several hedge funds and other institutional investors have recently modified their holdings of the business. Allied Private Wealth LLC purchased a new position in Telesat during the 2nd quarter valued at $51,000. Royal Bank of Canada increased its stake in Telesat by 32.2% in the fourth quarter. Royal Bank of Canada now owns 2,922 shares of the company’s stock worth $85,000 after purchasing an additional 712 shares during the period. BNP Paribas Financial Markets increased its stake in Telesat by 1,335.3% in the third quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock worth $101,000 after purchasing an additional 3,552 shares during the period. Acadian Asset Management LLC lifted its position in shares of 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 purchasing an additional 2,473 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Telesat during the fourth quarter worth $211,000.

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.