Telesat Corp (NASDAQ:TSAT – Get Free Report) was the target of a large drop in short interest in July. As of July 15th, there was short interest totalling 122,200 shares, a drop of 25.9% from the June 30th total of 165,000 shares. Based on an average daily volume of 32,000 shares, the short-interest ratio is currently 3.8 days. Approximately 1.1% of the company’s stock are short sold.
Wall Street Analyst Weigh In
Separately, Deutsche Bank Aktiengesellschaft began coverage on Telesat in a research report on Tuesday, April 30th. They set a “hold” rating and a $9.00 target price on the stock.
Read Our Latest Stock Analysis on TSAT
Telesat Stock Up 3.4 %
Telesat (NASDAQ:TSAT – Get Free Report) last announced its quarterly earnings data on Friday, May 10th. The company reported ($0.80) earnings per share for the quarter, hitting the consensus estimate of ($0.80). The company had revenue of $112.88 million during the quarter, compared to analyst estimates of $107.27 million. Telesat had a net margin of 20.08% and a negative return on equity of 2.57%. Research analysts predict that Telesat will post -6.73 earnings per share for the current year.
Institutional Trading of Telesat
Hedge funds and other institutional investors have recently bought and sold shares of the company. Gamco Investors INC. ET AL increased its holdings 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 valued at $18,228,000 after acquiring an additional 18,251 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in Telesat in the first quarter worth $51,000. Quadrature Capital Ltd bought a new stake in Telesat during the fourth quarter valued at $206,000. Heard Capital LLC raised its holdings in shares of Telesat by 1.1% during the fourth quarter. Heard Capital LLC now owns 1,778,837 shares of the company’s stock worth $18,553,000 after purchasing an additional 19,815 shares during the period. Finally, National Bank of Canada FI lifted its position in shares of Telesat by 6,039.8% in the 4th quarter. National Bank of Canada FI now owns 6,324 shares of the company’s stock worth $66,000 after buying an additional 6,221 shares during the last quarter.
Telesat Company Profile
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.
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