Telesat (NASDAQ:TSAT) Lowered to “Hold” Rating by Zacks Research

Telesat (NASDAQ:TSAT) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Other analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Weiss Ratings restated a “sell (d+)” rating on shares of Telesat in a report on Wednesday, January 21st. New Street Research started coverage on shares of 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 upped their price target on shares of Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a research report on Thursday, March 19th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Telesat presently has an average rating of “Reduce” and a consensus price target of $33.50.

Telesat Stock Performance

Shares of NASDAQ TSAT opened at $50.33 on Monday. Telesat has a 52-week low of $15.42 and a 52-week high of $55.83. The company has a market cap of $746.90 million, a P/E ratio of -5.58 and a beta of 2.02. The firm’s fifty day moving average is $44.26 and its two-hundred day moving average is $34.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.25 and a current ratio of 0.25.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Gamco Investors INC. ET AL boosted its holdings in Telesat by 2.5% in the fourth 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 during the last quarter. PenderFund Capital Management Ltd. increased its position 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 worth $10,512,000 after purchasing an additional 309,153 shares during the last quarter. Vestcor Inc increased its holdings in shares of Telesat by 14.3% during 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 during the last quarter. Senvest Management LLC increased its holdings 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 acquiring an additional 3,000 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Telesat by 245.4% in the 4th quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock valued at $3,739,000 after purchasing an additional 91,272 shares during the period.

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.