Telesat Corporation (NASDAQ:TSAT – Get Free Report) was up 6% during mid-day trading on Wednesday . The company traded as high as $46.99 and last traded at $46.5650. Approximately 31,742 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 215,397 shares. The stock had previously closed at $43.94.
Analyst Ratings Changes
Several brokerages have recently commented on TSAT. New Street Research began coverage on Telesat in a report on Wednesday, May 13th. They set a “sell” rating and a $30.00 target price for the company. Zacks Research lowered shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Telesat from $19.00 to $37.00 and gave the stock a “hold” rating in a report on Thursday, March 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Telesat in a research report on Thursday, June 18th. Finally, Wall Street Zen lowered shares of Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $33.50.
Telesat Stock Up 2.3%
Telesat (NASDAQ:TSAT – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($1.54). The business had revenue of $62.62 million during 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%. On average, analysts anticipate that Telesat Corporation will post -3.73 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. lifted its position in Telesat by 83.0% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 105,225 shares of the company’s stock worth $2,779,000 after buying an additional 47,725 shares in the last quarter. Vestcor Inc grew its holdings in shares of Telesat by 40.0% during the 3rd quarter. Vestcor Inc now owns 175,000 shares of the company’s stock valued at $4,638,000 after acquiring an additional 50,000 shares in the last quarter. Gamco Investors INC. ET AL increased its stake in shares of Telesat by 2.5% in the fourth quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company’s stock worth $53,302,000 after acquiring an additional 44,785 shares during the last quarter. K.J. Harrison & Partners Inc increased its stake in shares of Telesat by 20.7% in the fourth quarter. K.J. Harrison & Partners Inc now owns 70,000 shares of the company’s stock worth $2,021,000 after acquiring an additional 12,000 shares during the last quarter. Finally, Militia Capital Management LLC purchased a new stake in shares of Telesat during the first quarter worth $560,000.
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.
Read More
- Five stocks we like better than Telesat
- Why Penguin Solutions May Be the Smartest AI Infrastructure Stock
- Want Anthropic Exposure Before the IPO? These 2 AI Giants Are Already There
- 3 Beaten-Down Trades That Could Pay Off in a Market Correction
- 5 Dividend Kings to Buy in July with Irristable Value and Yield
Receive News & Ratings for Telesat Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Telesat and related companies with MarketBeat.com's FREE daily email newsletter.
