Telesat (NASDAQ:TSAT) Trading 4.1% Higher – Still a Buy?

Telesat Corporation (NASDAQ:TSAT) traded up 4.1% during mid-day trading on Wednesday . The stock traded as high as $29.04 and last traded at $28.58. 100,407 shares were traded during mid-day trading, a decline of 55% from the average session volume of 223,554 shares. The stock had previously closed at $27.45.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Telesat in a report on Wednesday, January 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell”.

Telesat Stock Up 4.1%

The business’s fifty day simple moving average is $29.69 and its 200 day simple moving average is $27.32. The stock has a market cap of $405.55 million, a price-to-earnings ratio of -3.62 and a beta of 2.06. The company has a current ratio of 4.11, a quick ratio of 4.11 and a debt-to-equity ratio of 1.80.

Hedge Funds Weigh In On Telesat

Hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of 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 purchasing an additional 712 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Telesat by 1,335.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock worth $101,000 after buying an additional 3,552 shares during the period. Acadian Asset Management LLC grew its stake in Telesat by 63.3% in the 1st quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock valued at $119,000 after buying an additional 2,473 shares during the last quarter. Quarry LP bought a new position in Telesat in the 3rd quarter valued at about $212,000. Finally, XTX Topco Ltd acquired a new stake in Telesat during the fourth quarter worth approximately $286,000.

Telesat Company Profile

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.