Telesat (NASDAQ:TSAT) Trading Down 5.5% – Time to Sell?

Telesat Corporation (NASDAQ:TSAT)’s share price traded down 5.5% during trading on Thursday . The company traded as low as $42.94 and last traded at $42.6210. Approximately 38,518 shares were traded during trading, a decline of 82% from the average daily volume of 215,538 shares. The stock had previously closed at $45.08.

Analysts Set New Price Targets

TSAT has been the topic of a number of recent analyst reports. 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 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Telesat in a report on Thursday, June 18th. Zacks Research downgraded Telesat from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Telesat from $19.00 to $37.00 and gave the stock a “hold” rating in a research report on Thursday, March 19th. Finally, Wall Street Zen lowered Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. Two 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 presently has an average rating of “Reduce” and a consensus price target of $33.50.

Telesat Price Performance

The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.77. The business has a fifty day simple moving average of $48.92 and a 200 day simple moving average of $39.68. The stock has a market capitalization of $632.97 million, a P/E ratio of -4.72 and a beta of 2.03.

Telesat (NASDAQ:TSAT) last posted its earnings results on Tuesday, May 5th. The company reported ($2.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($1.54). The company had revenue of $62.62 million during the quarter, compared to the consensus estimate of $62.03 million. Telesat had a negative net margin of 47.57% and a negative return on equity of 4.02%. On average, analysts expect that Telesat Corporation will post -3.73 earnings per share for the current year.

Institutional Trading of Telesat

Institutional investors and hedge funds have recently made changes to their positions in the company. 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 valued at $119,000 after purchasing an additional 2,473 shares in the last quarter. Jump Financial LLC purchased a new stake in Telesat in the 2nd quarter valued at about $449,000. Bank of America Corp DE lifted its position in shares of Telesat by 264.3% during the 2nd quarter. Bank of America Corp DE now owns 56,401 shares of the company’s stock worth $1,378,000 after buying an additional 40,919 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Telesat by 189.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,932 shares of the company’s stock worth $422,000 after buying an additional 10,428 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Telesat by 1,335.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock worth $101,000 after buying an additional 3,552 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.