Telesat (NASDAQ:TSAT) Trading 9% Higher – Here’s Why

Shares of Telesat Corporation (NASDAQ:TSAT) traded up 9% on Thursday . The stock traded as high as $36.14 and last traded at $37.82. 19,051 shares changed hands during trading, a decline of 89% from the average session volume of 171,811 shares. The stock had previously closed at $34.69.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on TSAT shares. Weiss Ratings restated a “sell (d+)” rating on shares of Telesat in a report on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on Telesat from $19.00 to $37.00 and gave the company a “hold” rating in a research report on Thursday, March 19th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Telesat presently has an average rating of “Reduce” and an average target price of $37.00.

Telesat Price Performance

The firm has a market capitalization of $569.16 million, a P/E ratio of -5.31 and a beta of 1.89. The firm’s 50-day moving average is $32.56 and its 200 day moving average is $30.30. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.25 and a current ratio of 0.25.

Telesat (NASDAQ:TSAT) last announced its earnings results on Tuesday, March 17th. The company reported ($0.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. The firm had revenue of $68.48 million during the quarter, compared to analyst estimates of $91.95 million. Telesat had a negative net margin of 37.25% and a negative return on equity of 1.10%.

Institutional Investors Weigh In On Telesat

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in Telesat by 32.2% in the 4th 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 in the last quarter. Penserra Capital Management LLC grew its stake in shares of Telesat by 4.5% during the 3rd quarter. Penserra Capital Management LLC now owns 29,995 shares of the company’s stock worth $794,000 after acquiring an additional 1,280 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Telesat by 63.3% in the first quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock valued at $119,000 after purchasing an additional 2,473 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Telesat by 1,335.3% in the third quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock valued at $101,000 after purchasing an additional 3,552 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec lifted its position in shares of Telesat by 19.4% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 24,668 shares of the company’s stock worth $680,000 after purchasing an additional 4,000 shares in the last quarter.

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.