Telesat (NASDAQ:TSAT) Hits New 52-Week High – Here’s What Happened

Telesat Corporation (NASDAQ:TSAT)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $56.38 and last traded at $56.30, with a volume of 15441 shares changing hands. The stock had previously closed at $53.50.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. New Street Research assumed coverage on shares of Telesat in a research note on Wednesday, May 13th. They issued a “sell” rating and a $30.00 target price for the company. Zacks Research cut shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a research note on Thursday, March 19th. 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. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $33.50.

Telesat Stock Up 2.0%

The firm’s 50-day simple moving average is $46.65 and its 200 day simple moving average is $35.49. The company has a market cap of $868.00 million, a P/E ratio of -6.48 and a beta of 2.02. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.25 and a current ratio of 0.25.

Telesat (NASDAQ:TSAT) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($2.21) earnings per share (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 $62.59 million during the quarter, compared to analyst estimates of $62.03 million. On average, research analysts forecast that Telesat Corporation will post -3.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Telesat

Several institutional investors and hedge funds have recently made changes to their positions in TSAT. PenderFund Capital Management Ltd. grew its holdings in shares of Telesat by 307.3% in the 3rd quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company’s stock valued at $10,512,000 after buying an additional 309,153 shares during the period. Senvest Management LLC grew 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 valued at $3,919,000 after buying an additional 97,411 shares during the period. Millennium Management LLC grew its holdings in shares of Telesat by 245.4% in the 4th quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock valued at $3,739,000 after buying an additional 91,272 shares during the period. Vestcor Inc boosted 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 purchasing an additional 50,000 shares during the period. Finally, Polar Asset Management Partners Inc. boosted its stake in Telesat by 83.0% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 105,225 shares of the company’s stock worth $2,779,000 after purchasing an additional 47,725 shares during the period.

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.