Telesat (NASDAQ:TSAT) Stock Falls 7.4% – What’s Next?

Telesat Corporation (NASDAQ:TSAT)’s share price traded down 7.4% during mid-day trading on Thursday. The stock traded as low as $43.70 and last traded at $43.2910. 35,951 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 209,013 shares. The stock had previously closed at $46.74.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TSAT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Telesat in a report on Monday, September 14th. Royal Bank Of Canada began coverage on shares of Telesat in a research report on Thursday, August 27th. They set a “moderate buy” rating on the stock. Stifel Nicolaus initiated coverage on Telesat in a research report on Thursday, July 16th. They issued a “buy” rating on the stock. Zacks Research lowered shares of Telesat from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Finally, Scotiabank began coverage on shares of Telesat in a report on Monday, July 13th. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $33.50.

Telesat Price Performance

The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.90. The stock has a 50 day simple moving average of $47.62 and a 200-day simple moving average of $46.28. The firm has a market cap of $660.24 million, a PE ratio of -2.42 and a beta of 2.11.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Allied Private Wealth LLC bought a new stake in Telesat in the 2nd quarter worth approximately $51,000. Royal Bank of Canada boosted its position in shares of Telesat by 100.2% during the 1st quarter. Royal Bank of Canada now owns 5,850 shares of the company’s stock valued at $212,000 after acquiring an additional 2,928 shares during the last quarter. Senvest Management LLC grew its holdings in shares of Telesat by 2.2% in the first quarter. Senvest Management LLC now owns 137,668 shares of the company’s stock valued at $4,984,000 after purchasing an additional 3,000 shares in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Telesat in the second quarter valued at $591,000. Finally, Bank of America Corp DE increased its position in Telesat by 72.5% in the first quarter. Bank of America Corp DE now owns 34,794 shares of the company’s stock worth $1,260,000 after purchasing an additional 14,626 shares during the last quarter.

Telesat Company Profile

Telesat is a Canadian satellite operator that provides communications services to customers worldwide. Founded in 1969 and headquartered in Ottawa, Ontario, the company operates a fleet of geostationary satellites and related ground infrastructure designed to support broadband connectivity, broadcasting, enterprise communications, mobility and government applications.

Telesat serves telecommunications companies, broadcasters, content providers, governments and other organizations across North America and international markets.