Telesat (NASDAQ:TSAT) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen cut shares of Telesat (NASDAQ:TSAT) from a sell rating to a strong sell rating in a research report released on Saturday.

A number of other brokerages have also recently issued reports on TSAT. Deutsche Bank Aktiengesellschaft boosted their price objective on Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a research note on Thursday, March 19th. Weiss Ratings restated a “sell (d+)” rating on shares of Telesat in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $37.00.

Telesat Trading Down 2.8%

Shares of Telesat stock opened at $46.36 on Friday. Telesat has a 52-week low of $14.77 and a 52-week high of $55.69. The stock’s 50-day simple moving average is $38.82 and its 200 day simple moving average is $32.55. The stock has a market capitalization of $688.17 million, a P/E ratio of -6.13 and a beta of 1.89. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.25 and a current ratio of 0.25.

Telesat (NASDAQ:TSAT) last announced its quarterly earnings data on Tuesday, March 17th. The company reported ($0.97) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. Telesat had a negative return on equity of 1.10% and a negative net margin of 37.25%.The business had revenue of $68.48 million for the quarter, compared to analysts’ expectations of $91.95 million. As a group, research analysts anticipate that Telesat will post -2.55 EPS for the current year.

Institutional Investors Weigh In On Telesat

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its position in shares of Telesat by 32.2% during the fourth quarter. Royal Bank of Canada now owns 2,922 shares of the company’s stock valued at $85,000 after buying an additional 712 shares during the period. BNP Paribas Financial Markets boosted its stake in Telesat by 1,335.3% during the third quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock valued at $101,000 after buying an additional 3,552 shares during the period. Acadian Asset Management LLC boosted its stake in 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 buying an additional 2,473 shares during the period. Virtu Financial LLC bought a new stake in Telesat during the fourth quarter valued at $211,000. Finally, Quarry LP bought a new stake in Telesat during the third quarter valued at $212,000.

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.