Telesat (NASDAQ:TSAT) Lowered to Strong Sell Rating by Zacks Research

Telesat (NASDAQ:TSAT) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday,Zacks.com reports.

TSAT has been the subject of several other reports. Stifel Nicolaus began coverage on Telesat in a report on Thursday, July 16th. They issued a “buy” rating for the company. New Street Research assumed coverage on Telesat in a research note on Wednesday, May 13th. They set a “sell” rating and a $30.00 price target on the stock. Wall Street Zen downgraded Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Telesat in a research note on Thursday, June 18th. Finally, Scotiabank started coverage on shares of Telesat in a report on Monday, July 13th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Telesat has an average rating of “Reduce” and a consensus target price of $33.50.

Telesat Stock Performance

Shares of NASDAQ:TSAT opened at $44.30 on Wednesday. The firm has a market cap of $657.41 million, a PE ratio of -2.48 and a beta of 2.07. The firm’s 50 day simple moving average is $44.84 and its 200-day simple moving average is $42.67. Telesat has a one year low of $19.65 and a one year high of $61.54. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.17 and a current ratio of 0.17.

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

Institutional Trading of Telesat

Hedge funds have recently bought and sold shares of the stock. Gamco Investors INC. ET AL boosted its position 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 valued at $53,302,000 after acquiring an additional 44,785 shares in the last quarter. PenderFund Capital Management Ltd. raised its position 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 worth $10,512,000 after acquiring an additional 309,153 shares in the last quarter. Vestcor Inc raised 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 worth $5,820,000 after acquiring an additional 25,000 shares in the last quarter. Senvest Management LLC lifted its stake in shares of 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 during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of 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 purchasing an additional 91,272 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.