Telesat (NASDAQ:TSAT) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Telesat from “strong sell” to “hold,” while analysts overall maintain an average “Hold” rating and a $33.50 price target.
• Telesat shares opened at $40.86, down 9%, and remain volatile, trading between $23.01 and $61.54 over the past year.
• The company reported a substantial quarterly loss of $7.85 per share, missing estimates by $7.14, despite revenue of $57.3 million exceeding expectations.

Telesat (NASDAQ:TSAT - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday, Zacks reports.

A number of other research firms have also commented on TSAT. Royal Bank Of Canada assumed coverage on Telesat in a research note on Thursday, August 27th. They set a "moderate buy" rating on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Telesat in a research note on Monday, September 14th. Scotiabank started coverage on shares of Telesat in a report on Monday, July 13th. They issued a "hold" rating on the stock. Finally, Stifel Nicolaus began coverage on shares of Telesat in a research note on Thursday, July 16th. They set a "buy" rating on the stock. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Telesat currently has an average rating of "Hold" and an average price target of $33.50.

Telesat Stock Down 9.0%

TSAT stock opened at $40.86 on Monday. The company's 50 day simple moving average is $46.68 and its 200-day simple moving average is $46.74. The firm has a market capitalization of $621.89 million, a PE ratio of -2.28 and a beta of 2.11. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.17 and a quick ratio of 0.17. Telesat has a 12 month low of $23.01 and a 12 month high of $61.54.

Telesat (NASDAQ:TSAT - Get Free Report) last released its quarterly 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 return on equity of 15.53% and a negative net margin of 102.62%. The company had revenue of $57.30 million for the quarter, compared to analysts' expectations of $56.11 million. Equities analysts expect that Telesat will post -11.93 earnings per share for the current fiscal year.

Institutional Trading of Telesat

A number of institutional investors and hedge funds have recently made changes to their positions in TSAT. 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 purchasing an additional 9,653 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Telesat in the 3rd quarter valued at about $34,000. Engineers Gate Manager LP acquired a new position in shares of Telesat in the 2nd quarter valued at about $591,000. Allied Private Wealth LLC purchased a new stake in shares of Telesat during the 2nd quarter worth about $51,000. Finally, Militia Capital Management LLC purchased a new stake in shares of Telesat during the 1st quarter worth about $560,000.

Telesat Company Profile

Telesat is a Canadian satellite operator that provides communications services to customers worldwide. Founded in 1969 and headquartered in Ottawa, Ontario, the company operates a fleet of geostationary satellites and related ground infrastructure designed to support broadband connectivity, broadcasting, enterprise communications, mobility and government applications.

Telesat serves telecommunications companies, broadcasters, content providers, governments and other organizations across North America and international markets.

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