Telesat Corporation (NASDAQ:TSAT) Stock Now Rated “Reduce” by Wall Street Analysts

Shares of Telesat Corporation (NASDAQ:TSAT) have been given an average recommendation of “Reduce” by the seven ratings firms that are covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $33.50.

A number of analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Telesat in a research note on Monday, September 14th. Royal Bank Of Canada started coverage on Telesat in a research report on Thursday, August 27th. They issued a “moderate buy” rating on the stock. Stifel Nicolaus initiated coverage on Telesat in a research report on Thursday, July 16th. They set a “buy” rating for the company. Zacks Research lowered Telesat from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Finally, Scotiabank started coverage on shares of Telesat in a report on Monday, July 13th. They set a “hold” rating for the company.

Telesat Trading Up 3.4%

Shares of NASDAQ:TSAT opened at $48.00 on Friday. The business’s 50-day moving average is $46.99 and its 200 day moving average is $46.08. Telesat has a 1 year low of $23.01 and a 1 year high of $61.54. The firm has a market capitalization of $712.32 million, a P/E ratio of -2.68 and a beta of 2.11. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.17 and a quick ratio of 0.17.

Telesat (NASDAQ:TSAT) last issued its earnings results on Thursday, August 13th. The company reported ($7.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.71) by ($7.14). The firm had revenue of $57.30 million during the quarter, compared to analysts’ expectations of $56.11 million. Telesat had a negative net margin of 102.62% and a negative return on equity of 15.53%. On average, research analysts predict that Telesat will post -11.93 earnings per share for the current fiscal year.

Institutional Trading of Telesat

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allied Private Wealth LLC acquired a new stake in shares of Telesat in the second quarter valued at $51,000. Royal Bank of Canada boosted its stake in shares of Telesat by 100.2% in the 1st quarter. Royal Bank of Canada now owns 5,850 shares of the company’s stock valued at $212,000 after buying an additional 2,928 shares during the period. Militia Capital Management LLC purchased a new position in shares of Telesat in the 1st quarter valued at about $560,000. Engineers Gate Manager LP acquired a new position in shares of Telesat during the second quarter worth about $591,000. Finally, Van Berkom & Associates Inc. purchased a new stake in shares of Telesat during the first quarter worth approximately $991,000.

About Telesat

Telesat is a Canadian satellite operator that provides communications services to customers worldwide. Founded in 1969 and headquartered in Ottawa, Ontario, the company operates a fleet of geostationary satellites and related ground infrastructure designed to support broadband connectivity, broadcasting, enterprise communications, mobility and government applications.

Telesat serves telecommunications companies, broadcasters, content providers, governments and other organizations across North America and international markets.