Telesat (NASDAQ:TSAT) Sets New 1-Year High - Here's What Happened

Key Points

• Telesat shares reached a new 52-week high of $60.78, closing previously at $58.92, with the stock’s market capitalization at approximately $854 million.
• Analyst sentiment remains cautious: one analyst rates Telesat Buy, three rate it Hold and two rate it Sell. The consensus rating is “Reduce”, with an average price target of $33.50—well below the recent share price.
• Institutional interest has increased, with firms including Royal Bank of Canada, BNP Paribas Financial Markets and Acadian Asset Management expanding their positions, while Telesat continues developing its Lightspeed low-Earth-orbit satellite constellation.

Telesat Corporation (NASDAQ:TSAT - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $60.78 and last traded at $59.4460, with a volume of 19830 shares traded. The stock had previously closed at $58.92.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Scotiabank assumed coverage on Telesat in a research note on Monday, July 13th. They set a "hold" rating for the company. Stifel Nicolaus began coverage on shares of Telesat in a report on Thursday, July 16th. They set a "buy" rating on the stock. New Street Research assumed coverage on shares of Telesat in a research report on Wednesday, May 13th. They set a "sell" rating and a $30.00 price objective for the company. Zacks Research cut shares of Telesat from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Telesat in a research report on Thursday, June 18th. One equities research analyst has 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. Based on data from MarketBeat, Telesat presently has a consensus rating of "Reduce" and an average price target of $33.50.

Telesat Trading Down 2.3%

The business's 50-day moving average price is $44.05 and its 200-day moving average price is $41.24. The firm has a market capitalization of $854.16 million, a PE ratio of -6.44 and a beta of 2.07. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.25 and a quick ratio of 0.25.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allied Private Wealth LLC purchased a new stake in shares of Telesat in the second quarter valued at about $51,000. Royal Bank of Canada grew its holdings in shares of Telesat by 32.2% during the fourth quarter. Royal Bank of Canada now owns 2,922 shares of the company's stock worth $85,000 after buying an additional 712 shares during the last quarter. BNP Paribas Financial Markets increased its position in Telesat by 1,335.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company's stock valued at $101,000 after acquiring an additional 3,552 shares during the period. Acadian Asset Management LLC increased its position 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 acquiring an additional 2,473 shares during the period. Finally, Virtu Financial LLC purchased a new stake in Telesat during the 4th quarter valued at approximately $211,000.

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.

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