Shares of Telesat Corporation (NASDAQ:TSAT – Get Free Report) rose 10.5% during trading on Thursday . The stock traded as high as $45.39 and last traded at $46.2250. Approximately 120,227 shares were traded during mid-day trading, a decline of 47% from the average session volume of 225,775 shares. The stock had previously closed at $41.82.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Scotiabank began coverage on shares of Telesat in a research note on Monday, July 13th. They issued a “hold” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Telesat in a research report on Thursday, June 18th. Royal Bank Of Canada began coverage on Telesat in a report on Thursday. They set an “outperform” rating on the stock. Zacks Research downgraded Telesat from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Finally, New Street Research assumed coverage on Telesat in a report on Wednesday, May 13th. They issued a “sell” rating and a $30.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $33.50.
View Our Latest Research Report on TSAT
Telesat Stock Performance
Telesat (NASDAQ:TSAT – Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($7.85) earnings per share for the quarter, missing the consensus estimate of ($0.71) by ($7.14). Telesat had a negative net margin of 102.62% and a negative return on equity of 15.53%. The company had revenue of $57.30 million during the quarter, compared to the consensus estimate of $56.11 million. On average, analysts anticipate that Telesat Corporation will post -11.93 earnings per share for the current year.
Institutional Investors Weigh In On Telesat
Institutional investors have recently added to or reduced their stakes in the stock. Allied Private Wealth LLC acquired a new position in shares of Telesat in the 2nd quarter worth approximately $51,000. Royal Bank of Canada grew its position in Telesat by 32.2% in the fourth quarter. Royal Bank of Canada now owns 2,922 shares of the company’s stock valued at $85,000 after acquiring an additional 712 shares during the period. BNP Paribas Financial Markets raised its stake in Telesat by 1,335.3% during 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. Acadian Asset Management LLC lifted its holdings in shares of Telesat by 63.3% during the first quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock valued at $119,000 after acquiring an additional 2,473 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of Telesat in the 4th quarter valued at $211,000.
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.
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