Telesat (NASDAQ:TSAT) Sets New 52-Week High – Still a Buy?

Telesat Corporation (NASDAQ:TSAT)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $60.78 and last traded at $59.4460, with a volume of 19830 shares traded. The stock had previously closed at $58.92.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Stifel Nicolaus assumed coverage on Telesat in a research report on Thursday, July 16th. They issued a “buy” rating for the company. Wall Street Zen lowered Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Zacks Research downgraded Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Telesat in a report on Thursday, June 18th. Finally, Scotiabank began coverage on Telesat in a research report on Monday, July 13th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Telesat currently has an average rating of “Reduce” and a consensus price target of $33.50.

Telesat Stock Up 4.8%

The company has a debt-to-equity ratio of 0.77, a current ratio of 0.25 and a quick ratio of 0.25. The business has a 50 day moving average price of $44.37 and a 200 day moving average price of $41.62. The firm has a market capitalization of $882.68 million, a P/E ratio of -6.59 and a beta of 2.07.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TSAT. PenderFund Capital Management Ltd. raised its stake in Telesat by 307.3% during the 3rd quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company’s stock valued at $10,512,000 after purchasing an additional 309,153 shares during the last quarter. Senvest Management LLC grew its position in Telesat by 261.5% in the 4th quarter. Senvest Management LLC now owns 134,668 shares of the company’s stock worth $3,919,000 after purchasing an additional 97,411 shares during the last quarter. Millennium Management LLC grew its position in Telesat by 245.4% in the 4th quarter. Millennium Management LLC now owns 128,472 shares of the company’s stock worth $3,739,000 after purchasing an additional 91,272 shares during the last quarter. Polar Asset Management Partners Inc. increased its holdings in shares of Telesat by 83.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 105,225 shares of the company’s stock worth $2,779,000 after purchasing an additional 47,725 shares during the period. Finally, Gamco Investors INC. ET AL increased its holdings in shares of Telesat by 2.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock worth $53,302,000 after purchasing an additional 44,785 shares during the period.

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.