Telesat Corporation (NASDAQ:TSAT) Receives Consensus Rating of “Reduce” from Brokerages

Shares of Telesat Corporation (NASDAQ:TSAT) have been assigned an average recommendation of “Reduce” from the five brokerages that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $33.50.

TSAT has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Telesat from $19.00 to $37.00 and gave the stock a “hold” rating in a report on Thursday, March 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Telesat in a report on Thursday, June 18th. New Street Research assumed coverage on Telesat in a report on Wednesday, May 13th. They set a “sell” rating and a $30.00 target price on the stock. Wall Street Zen cut Telesat from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 25th. Finally, Zacks Research lowered shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th.

Hedge Funds Weigh In On Telesat

Several institutional investors and hedge funds have recently made changes to their positions in the company. Gamco Investors INC. ET AL raised its stake in Telesat by 2.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock worth $53,302,000 after buying an additional 44,785 shares during the period. PenderFund Capital Management Ltd. lifted its holdings in shares of Telesat by 307.3% during the 3rd quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company’s stock valued at $10,512,000 after purchasing an additional 309,153 shares in the last quarter. Vestcor Inc grew its position in shares of Telesat by 14.3% in the 4th quarter. Vestcor Inc now owns 200,000 shares of the company’s stock valued at $5,820,000 after purchasing an additional 25,000 shares during the period. Senvest Management LLC increased its stake in Telesat by 2.2% during the 1st quarter. Senvest Management LLC now owns 137,668 shares of the company’s stock worth $4,984,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Telesat by 245.4% during the 4th quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock worth $3,739,000 after buying an additional 91,272 shares during the period.

Telesat Price Performance

NASDAQ:TSAT traded down $1.95 during mid-day trading on Monday, reaching $39.40. 99,754 shares of the company were exchanged, compared to its average volume of 217,181. Telesat has a 12 month low of $19.59 and a 12 month high of $59.12. The stock has a market cap of $584.88 million, a PE ratio of -4.36 and a beta of 2.03. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.77. The company has a fifty day moving average of $48.80 and a 200 day moving average of $39.86.

Telesat (NASDAQ:TSAT) last posted 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). The firm 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, research analysts anticipate that Telesat will post -3.73 EPS for the current fiscal year.

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.