Telesat (NASDAQ:TSAT) Trading Down 4% – Here’s Why

Telesat Corp (NASDAQ:TSAT) dropped 4% during trading on Tuesday . The stock traded as low as $12.00 and last traded at $12.01. Approximately 45,676 shares were traded during mid-day trading, an increase of 30% from the average daily volume of 35,227 shares. The stock had previously closed at $12.51.

Analysts Set New Price Targets

Separately, Cormark raised Telesat to a “moderate buy” rating in a report on Friday, September 20th.

Telesat Stock Down 3.3 %

The company has a current ratio of 6.13, a quick ratio of 6.13 and a debt-to-equity ratio of 1.15. The stock has a 50 day simple moving average of $12.33 and a 200 day simple moving average of $9.79. The firm has a market capitalization of $154.27 million, a PE ratio of 7.42 and a beta of 2.30.

Telesat (NASDAQ:TSAT) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($2.87) EPS for the quarter, missing analysts’ consensus estimates of $2.47 by ($5.34). The company had revenue of $111.41 million during the quarter, compared to analysts’ expectations of $106.82 million. Telesat had a negative return on equity of 5.90% and a net margin of 4.59%. As a group, sell-side analysts forecast that Telesat Corp will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On Telesat

Large investors have recently made changes to their positions in the business. Simplify Asset Management Inc. grew its position in shares of Telesat by 25.8% in the 2nd quarter. Simplify Asset Management Inc. now owns 365,781 shares of the company’s stock worth $3,329,000 after buying an additional 75,000 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Telesat in the 1st quarter worth approximately $51,000. Finally, Gamco Investors INC. ET AL grew its position in shares of Telesat by 0.9% in the 1st quarter. Gamco Investors INC. ET AL now owns 2,139,479 shares of the company’s stock worth $18,228,000 after buying an additional 18,251 shares during the last quarter.

About Telesat

Telesat Corporation, a satellite operator, provides mission-critical communications solutions to broadcast, enterprise, and consulting customers worldwide. The company’s satellite-based services allow direct-to-home (DTH) service providers to deliver television programming, audio, and information channels directly to customers’ homes; and enables broadcasters, cable networks, and DTH service providers to transmit television programming services.