Bankrupt Penny Stock at Risk of Bear Notes

Intelsat has drifted into penny stock territory in 2020

The shares of Intelsat SA (NYSE:I) are down 18% to trade at 79 cents, after the satellite services provider filed for bankruptcy protection, a move designed to allow the company to participate in an upcoming government airwaves auction.

It's been a rough few months on the charts for Intelsat stock, to say the least. A steep bear gap in November sent shares below $25, and that was just the beginning. Now down 96.8% in the last 12 months, yesterday the stock hit a record low of 0.77, with consistent pressure from its 20-day moving average.

Analysts are all over the place when it comes to Intelsat stock.Of the 11 in coverage, six brokerages sport a lukewarm "hold," two say "buy" or better, and the remaining all recommend a "sell."

Plus, the 12-month consensus target price of $8.99 sits up at territory not seen since that aforementioned November bear gap. This could signal some much needed price-target cuts in the near future, adding even more pressure to the beleaguered equity.