Short Interest in Telesat Corp (NASDAQ:TSAT) Rises By 58.3%

Telesat Corp (NASDAQ:TSAT) saw a large increase in short interest in October. As of October 31st, there was short interest totalling 157,000 shares, an increase of 58.3% from the October 15th total of 99,200 shares. Based on an average daily trading volume, of 43,900 shares, the days-to-cover ratio is currently 3.6 days. Approximately 1.3% of the company’s stock are sold short.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Telesat stock. Gamco Investors INC. ET AL boosted its holdings in Telesat Corp (NASDAQ:TSAT) by 0.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,139,479 shares of the company’s stock after purchasing an additional 18,251 shares during the quarter. Gamco Investors INC. ET AL owned about 16.70% of Telesat worth $18,228,000 as of its most recent SEC filing.

Wall Street Analyst Weigh In

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

Telesat Stock Down 9.2 %

Shares of Telesat stock opened at $11.99 on Friday. Telesat has a 52-week low of $6.93 and a 52-week high of $15.02. The company has a 50 day moving average of $12.52 and a 200 day moving average of $9.99. The company has a quick ratio of 6.13, a current ratio of 6.13 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $163.56 million, a P/E ratio of 4.93 and a beta of 2.30.

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

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.