Shares of Telesat Corporation (NASDAQ:TSAT – Get Free Report) were up 4.7% on Monday. The stock traded as high as $45.92 and last traded at $44.5550. Approximately 31,839 shares traded hands during trading, a decline of 85% from the average daily volume of 209,211 shares. The stock had previously closed at $42.55.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Telesat in a report on Monday, September 14th. Canadian Imperial Bank of Commerce assumed coverage on shares of Telesat in a research report on Sunday. They set a “sector outperform” rating on the stock. Stifel Nicolaus assumed coverage on Telesat in a research note on Thursday, July 16th. They issued a “buy” rating on the stock. Zacks Research raised Telesat from a “strong sell” rating to a “hold” rating in a research note on Monday, October 19th. Finally, Scotiabank initiated coverage on Telesat in a report on Monday, July 13th. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Telesat currently has an average rating of “Hold” and a consensus target price of $33.50.
Check Out Our Latest Report on TSAT
Telesat Trading Up 5.0%
The stock’s 50-day moving average price is $45.81 and its 200-day moving average price is $42.50. The company has a market cap of $714.08 million, a P/E ratio of -2.62 and a beta of 2.11.
Telesat (NASDAQ:TSAT – Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($7.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($7.14). The company had revenue of $57.30 million during the quarter, compared to analyst estimates of $56.11 million. On average, research analysts anticipate that Telesat Corporation will post -11.93 earnings per share for the current fiscal year.
Institutional Trading of Telesat
Several hedge funds have recently bought and sold shares of TSAT. Senvest Management LLC raised its holdings in Telesat by 2.2% during the first quarter. Senvest Management LLC now owns 137,668 shares of the company’s stock worth $4,984,000 after buying an additional 3,000 shares during the last quarter. TD Waterhouse Canada Inc. raised its holdings in shares of Telesat by 18.0% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 63,361 shares of the company’s stock worth $2,938,000 after acquiring an additional 9,653 shares during the last quarter. Walleye Capital LLC raised its holdings in shares of Telesat by 210.1% in the 1st quarter. Walleye Capital LLC now owns 57,017 shares of the company’s stock worth $2,064,000 after acquiring an additional 38,630 shares during the last quarter. Bank of America Corp DE lifted its position in Telesat by 72.5% in the 1st quarter. Bank of America Corp DE now owns 34,794 shares of the company’s stock valued at $1,260,000 after acquiring an additional 14,626 shares in the last quarter. Finally, Van Berkom & Associates Inc. bought a new position in Telesat in the 1st quarter valued at about $991,000.
Telesat Company Profile
Telesat is a Canadian satellite communications operator that provides connectivity and related services to telecommunications companies, broadcasters, governments, enterprises and other organizations worldwide. The company operates a fleet of geostationary satellites and delivers satellite capacity for broadband communications, video distribution, enterprise networking, mobility and government applications.
In addition to its geostationary satellite services, Telesat is developing Telesat Lightspeed, a planned low Earth orbit satellite network designed to provide high-speed, low-latency broadband connectivity.
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