Telesat (NASDAQ:TSAT) Now Covered by Analysts at Desjardins

Equities researchers at Desjardins assumed coverage on shares of Telesat (NASDAQ:TSAT) in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm set a “buy” rating on the stock.

Other research analysts have also issued reports about the company. Scotiabank began coverage on Telesat in a research report on Monday, July 13th. They issued a “hold” rating on the stock. Canadian Imperial Bank of Commerce initiated coverage on Telesat in a research report on Sunday, October 25th. They set a “sector outperform” rating for the company. Royal Bank Of Canada assumed coverage on Telesat in a research note on Thursday, August 27th. They set a “moderate buy” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Telesat in a report on Monday, September 14th. Finally, Zacks Research upgraded Telesat from a “strong sell” rating to a “hold” rating in a report on Monday, October 19th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Telesat has an average rating of “Hold” and a consensus price target of $33.50.

Telesat Price Performance

Shares of NASDAQ:TSAT opened at $40.30 on Wednesday. The company has a market cap of $613.37 million, a P/E ratio of -2.19 and a beta of 2.12. The business has a fifty day simple moving average of $45.44 and a 200-day simple moving average of $42.71. Telesat has a 52 week low of $23.01 and a 52 week high of $61.54. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 1.26.

Telesat (NASDAQ:TSAT) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($7.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($7.14). Telesat had a negative return on equity of 14.92% and a negative net margin of 112.44%. The company had revenue of $57.30 million for the quarter, compared to analysts’ expectations of $56.11 million. Equities research analysts forecast that Telesat will post -12.64 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TSAT. Walleye Capital LLC raised its holdings in shares of Telesat by 210.1% during the 1st quarter. Walleye Capital LLC now owns 57,017 shares of the company’s stock valued at $2,064,000 after buying an additional 38,630 shares during the period. TD Waterhouse Canada Inc. boosted its holdings in Telesat by 127.3% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 53,708 shares of the company’s stock worth $2,516,000 after acquiring an additional 30,076 shares during the period. Van Berkom & Associates Inc. purchased a new position in Telesat in the 1st quarter worth approximately $991,000. Militia Capital Management LLC purchased a new position in Telesat in the 1st quarter worth approximately $560,000. Finally, Bank of America Corp DE grew 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 valued at $1,260,000 after acquiring an additional 14,626 shares in the last quarter.

About Telesat

Telesat is a Canadian satellite communications operator that provides connectivity and related services to telecommunications companies, broadcasters, governments, enterprises and other organizations worldwide. The company operates a fleet of geostationary satellites and delivers satellite capacity for broadband communications, video distribution, enterprise networking, mobility and government applications.

In addition to its geostationary satellite services, Telesat is developing Telesat Lightspeed, a planned low Earth orbit satellite network designed to provide high-speed, low-latency broadband connectivity.