Telesat (NASDAQ:TSAT) Reaches New 1-Year High – Here’s What Happened

Shares of Telesat Corporation (NASDAQ:TSAT) reached a new 52-week high on Tuesday . The company traded as high as $44.04 and last traded at $43.9720, with a volume of 119855 shares trading hands. The stock had previously closed at $42.90.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a research report on Thursday, March 19th. Weiss Ratings reissued a “sell (d+)” rating on shares of Telesat in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $37.00.

Telesat Price Performance

The firm has a 50 day moving average of $32.85 and a 200-day moving average of $30.49. The company has a market cap of $607.69 million, a P/E ratio of -5.66 and a beta of 1.89. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.66.

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

Institutional Trading of Telesat

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. PenderFund Capital Management Ltd. increased its stake in Telesat by 307.3% in the 3rd quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company’s stock worth $10,512,000 after acquiring an additional 309,153 shares during the last quarter. Senvest Management LLC increased its stake in 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 acquiring an additional 97,411 shares during the last quarter. Millennium Management LLC increased its stake in Telesat by 245.4% in the 4th quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock worth $3,739,000 after acquiring an additional 91,272 shares during the last quarter. Walleye Capital LLC bought a new stake in Telesat in the 2nd quarter worth approximately $1,814,000. Finally, Vestcor Inc increased its stake in Telesat by 40.0% in the 3rd quarter. Vestcor Inc now owns 175,000 shares of the company’s stock worth $4,638,000 after acquiring an additional 50,000 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.