Telesat (NASDAQ:TSAT) Shares Gap Up – Still a Buy?

Telesat Corporation (NASDAQ:TSAT)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $42.34, but opened at $43.82. Telesat shares last traded at $39.9680, with a volume of 72,193 shares traded.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Telesat from $19.00 to $37.00 and gave the stock a “hold” rating in a research note on Thursday. Weiss Ratings reiterated a “sell (d+)” rating on shares of Telesat in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Telesat presently has a consensus rating of “Reduce” and a consensus price target of $37.00.

Telesat Trading Down 1.8%

The company has a quick ratio of 4.11, a current ratio of 0.25 and a debt-to-equity ratio of 0.66. The business’s fifty day moving average is $31.40 and its 200-day moving average is $29.08. The stock has a market capitalization of $563.06 million, a PE ratio of -5.25 and a beta of 1.95.

Hedge Funds Weigh In On Telesat

A number of large investors have recently modified their holdings of TSAT. Royal Bank of Canada grew its holdings in shares of 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 purchasing an additional 712 shares during the period. Penserra Capital Management LLC lifted its position in Telesat by 4.5% during the third quarter. Penserra Capital Management LLC now owns 29,995 shares of the company’s stock valued at $794,000 after buying an additional 1,280 shares in the last quarter. Acadian Asset Management LLC grew 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 worth $119,000 after buying an additional 2,473 shares during the period. BNP Paribas Financial Markets increased its position in shares of Telesat by 1,335.3% in the third 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. Finally, Federation des caisses Desjardins du Quebec raised its stake in shares of Telesat by 19.4% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 24,668 shares of the company’s stock valued at $680,000 after acquiring an additional 4,000 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.