Telesat (NASDAQ:TSAT) Shares Up 5.9% – Here’s What Happened

Telesat Corporation (NASDAQ:TSAT) shares shot up 5.9% during mid-day trading on Thursday . The company traded as high as $34.84 and last traded at $35.5750. 55,320 shares were traded during mid-day trading, a decline of 44% from the average session volume of 99,368 shares. The stock had previously closed at $33.58.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Telesat in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Telesat Stock Up 4.3%

The stock has a market capitalization of $496.90 million, a price-to-earnings ratio of -4.44 and a beta of 2.01. The business has a 50-day moving average of $28.84 and a 200-day moving average of $24.71. The company has a debt-to-equity ratio of 1.80, a quick ratio of 4.11 and a current ratio of 4.11.

Telesat (NASDAQ:TSAT) last announced its earnings results on Tuesday, November 4th. The company reported ($1.73) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.95). The company had revenue of $72.56 million for the quarter, compared to analysts’ expectations of $100.26 million. Telesat had a negative return on equity of 5.05% and a negative net margin of 34.55%.

Institutional Investors Weigh In On Telesat

Institutional investors and hedge funds have recently modified their holdings of the company. Penserra Capital Management LLC purchased a new stake in shares of Telesat during the second quarter worth $701,000. Militia Capital Partners LP purchased a new position in Telesat in the first quarter valued at $728,000. Fiera Capital Corp acquired a new position in Telesat during the 2nd quarter worth $757,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Telesat by 35.3% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 88,038 shares of the company’s stock worth $2,152,000 after purchasing an additional 22,985 shares in the last quarter. Finally, Trexquant Investment LP increased its holdings in Telesat by 115.2% during the 1st quarter. Trexquant Investment LP now owns 29,164 shares of the company’s stock worth $549,000 after purchasing an additional 15,613 shares during the period.

Telesat Company Profile

Telesat Corporation, a satellite operator, provides mission-critical communications solutions to broadcast, enterprise, and consulting customers worldwide. The company’s satellite-based services allow direct-to-home (DTH) service providers to deliver television programming, audio, and information channels directly to customers’ homes; and enables broadcasters, cable networks, and DTH service providers to transmit television programming services.