Telesat (NASDAQ:TSAT) Shares Down 10.5% – Here’s What Happened

Telesat Corporation (NASDAQ:TSAT)’s share price dropped 10.5% during trading on Friday . The company traded as low as $49.58 and last traded at $49.1950. Approximately 135,608 shares traded hands during trading, a decline of 32% from the average daily volume of 198,694 shares. The stock had previously closed at $54.99.

Analyst Upgrades and Downgrades

TSAT has been the subject of a number of recent research reports. Wall Street Zen cut Telesat from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 25th. Zacks Research cut Telesat from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. New Street Research initiated coverage on Telesat in a research report on Wednesday, May 13th. They set a “sell” rating and a $30.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a report on Thursday, March 19th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $33.50.

Telesat Stock Down 16.2%

The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.25 and a current ratio of 0.25. The company has a market cap of $683.49 million, a PE ratio of -5.10 and a beta of 2.01. The firm has a fifty day simple moving average of $48.14 and a 200 day simple moving average of $36.62.

Telesat (NASDAQ:TSAT) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($2.21) EPS for the quarter, missing the consensus estimate of ($0.67) by ($1.54). The business had revenue of $62.59 million during the quarter, compared to analysts’ expectations of $62.03 million. Telesat had a negative net margin of 47.57% and a negative return on equity of 4.02%. Equities research analysts predict that Telesat Corporation will post -3.73 EPS for the current year.

Hedge Funds Weigh In On Telesat

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its position in Telesat by 32.2% during the 4th quarter. Royal Bank of Canada now owns 2,922 shares of the company’s stock worth $85,000 after acquiring an additional 712 shares in the last quarter. Penserra Capital Management LLC lifted its position in Telesat by 4.5% during the 3rd quarter. Penserra Capital Management LLC now owns 29,995 shares of the company’s stock worth $794,000 after acquiring an additional 1,280 shares in the last quarter. Acadian Asset Management LLC lifted its position in Telesat by 63.3% during the 1st quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock worth $119,000 after acquiring an additional 2,473 shares in the last quarter. Senvest Management LLC lifted its position 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 acquiring an additional 3,000 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Telesat by 1,335.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock worth $101,000 after acquiring an additional 3,552 shares in the last quarter.

Telesat Company Profile

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.