Telesat (NASDAQ:TSAT) Stock Price Down 6.1% - Time to Sell?

Key Points

• Telesat shares fell 6.1% to approximately $49.44, despite trading volume running 67% below the average session level.
• Analyst sentiment is generally negative: MarketBeat reports an average rating of “Reduce” and an average price target of $33.50, although Stifel Nicolaus initiated coverage with a Buy rating.
• The company has a $729.6 million market capitalization and is developing its Lightspeed low-Earth-orbit satellite constellation, while institutional investors including PenderFund and Millennium Management recently increased their holdings.

Shares of Telesat Corporation (NASDAQ:TSAT - Get Free Report) dropped 6.1% during trading on Friday . The company traded as low as $50.07 and last traded at $49.4350. Approximately 75,262 shares traded hands during trading, a decline of 67% from the average session volume of 225,076 shares. The stock had previously closed at $52.62.

Analyst Upgrades and Downgrades

TSAT has been the topic of several research analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Telesat in a research note on Thursday, June 18th. Wall Street Zen cut shares of Telesat from a "sell" rating to a "strong sell" rating in a research note on Saturday, April 25th. New Street Research began coverage on shares of Telesat in a report on Wednesday, May 13th. They issued a "sell" rating and a $30.00 price target 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. Finally, Scotiabank started coverage on shares of Telesat in a research report on Monday, July 13th. They set a "hold" rating for the company. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Telesat presently has an average rating of "Reduce" and an average target price of $33.50.

Telesat Trading Down 6.6%

The business has a 50-day moving average price of $44.62 and a 200-day moving average price of $42.01. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $729.64 million, a P/E ratio of -5.45 and a beta of 2.07.

Institutional Trading of Telesat

Institutional investors have recently made changes to their positions in the business. Gamco Investors INC. ET AL increased its stake in Telesat by 2.5% in the fourth quarter. Gamco Investors INC. ET AL now owns 1,831,693 shares of the company's stock valued at $53,302,000 after acquiring an additional 44,785 shares during the period. PenderFund Capital Management Ltd. lifted its stake in Telesat by 307.3% during the third quarter. PenderFund Capital Management Ltd. now owns 409,753 shares of the company's stock worth $10,512,000 after purchasing an additional 309,153 shares during the period. Vestcor Inc boosted its holdings in Telesat by 14.3% during the fourth quarter. Vestcor Inc now owns 200,000 shares of the company's stock valued at $5,820,000 after purchasing an additional 25,000 shares in the last quarter. Senvest Management LLC grew its stake in shares of Telesat by 2.2% in the 1st quarter. Senvest Management LLC now owns 137,668 shares of the company's stock valued at $4,984,000 after purchasing an additional 3,000 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Telesat by 245.4% in the 4th quarter. Millennium Management LLC now owns 128,472 shares of the company's stock worth $3,739,000 after buying an additional 91,272 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.

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