Telesat Corporation $TSAT Shares Purchased by Walleye Capital LLC

Key Points

• Walleye Capital LLC increased its Telesat stake by 210.1% in the first quarter, buying an additional 38,630 shares and bringing its total to 57,017 shares worth about $2.06 million.
• Telesat’s latest results were weak, with quarterly EPS of ($2.21) missing estimates by a wide margin, even though revenue of $62.62 million came in roughly in line with expectations.
• Wall Street remains cautious on the stock: analysts’ overall rating is “Reduce”, with a consensus price target of $33.50, while recent reports included multiple sell or hold ratings.

Walleye Capital LLC raised its stake in Telesat Corporation (NASDAQ:TSAT - Free Report) by 210.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 57,017 shares of the company's stock after buying an additional 38,630 shares during the period. Walleye Capital LLC owned approximately 0.38% of Telesat worth $2,064,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in shares of Telesat by 32.2% during the 4th quarter. Royal Bank of Canada now owns 2,922 shares of the company's stock worth $85,000 after acquiring an additional 712 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of 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 purchasing an additional 3,552 shares during the period. Acadian Asset Management LLC raised its position 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 worth $119,000 after purchasing an additional 2,473 shares during the period. Virtu Financial LLC purchased a new stake in shares of Telesat during the fourth quarter valued at $211,000. Finally, Quarry LP acquired a new position in shares of Telesat in the 3rd quarter valued at $212,000.

Telesat Stock Performance

Shares of TSAT stock opened at $39.38 on Friday. Telesat Corporation has a 1-year low of $19.59 and a 1-year high of $59.12. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $584.40 million, a price-to-earnings ratio of -4.37 and a beta of 2.03. The stock's fifty day simple moving average is $46.29 and its 200-day simple moving average is $40.40.

Telesat (NASDAQ:TSAT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($1.54). Telesat had a negative return on equity of 4.02% and a negative net margin of 47.57%.The business had revenue of $62.62 million during the quarter, compared to analysts' expectations of $62.03 million. On average, sell-side analysts predict that Telesat Corporation will post -4.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TSAT has been the topic of a number of analyst reports. Wall Street Zen cut Telesat from a "sell" rating to a "strong sell" rating in a research note on Saturday, April 25th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Telesat in a research note on Thursday, June 18th. Zacks Research cut shares of Telesat from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. Scotiabank initiated coverage on shares of Telesat in a research report on Monday, July 13th. They issued a "hold" rating on the stock. Finally, New Street Research assumed coverage on shares of Telesat in a research report on Wednesday, May 13th. They issued a "sell" rating and a $30.00 target price on the stock. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $33.50.

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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