Stifel Nicolaus Initiates Coverage on Telesat (NASDAQ:TSAT)

Research analysts at Stifel Nicolaus initiated coverage on shares of Telesat (NASDAQ:TSAT) in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating on the stock.

Other equities analysts have also recently issued reports about the stock. Scotiabank started coverage on shares of Telesat in a research report on Monday. They issued a “hold” rating for the company. Wall Street Zen lowered shares of Telesat from a “sell” rating to a “strong sell” rating in a report on Saturday, April 25th. Zacks Research cut shares of Telesat from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Telesat in a report on Thursday, June 18th. Finally, New Street Research started coverage on Telesat in a research report on Wednesday, May 13th. They set a “sell” rating and a $30.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $33.50.

Telesat Stock Performance

NASDAQ:TSAT opened at $36.38 on Thursday. The stock’s 50-day moving average is $47.51 and its 200-day moving average is $40.06. Telesat 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 stock has a market cap of $539.88 million, a P/E ratio of -4.03 and a beta of 2.03.

Telesat (NASDAQ:TSAT) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($1.54). Telesat had a negative net margin of 47.57% and a negative return on equity of 4.02%. The business had revenue of $62.62 million during the quarter, compared to the consensus estimate of $62.03 million. Equities research analysts anticipate that Telesat will post -3.73 earnings per share for the current year.

Institutional Investors Weigh In On Telesat

Institutional investors and hedge funds have recently made changes to their positions in the business. Allied Private Wealth LLC acquired a new stake in Telesat during the second quarter worth approximately $51,000. Royal Bank of Canada lifted its stake in Telesat by 32.2% in the fourth quarter. Royal Bank of Canada now owns 2,922 shares of the company’s stock valued at $85,000 after buying an additional 712 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Telesat by 1,335.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,818 shares of the company’s stock worth $101,000 after buying an additional 3,552 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Telesat by 63.3% during the 1st quarter. Acadian Asset Management LLC now owns 6,381 shares of the company’s stock worth $119,000 after buying an additional 2,473 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Telesat during the 4th quarter worth 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.