EchoStar Co. (NASDAQ:SATS – Get Free Report) shares dropped 2.7% on Friday . The stock traded as low as $24.77 and last traded at $24.80. Approximately 544,407 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,818,463 shares. The stock had previously closed at $25.48.
Analyst Ratings Changes
SATS has been the topic of several recent analyst reports. StockNews.com raised shares of EchoStar to a “sell” rating in a research note on Tuesday, July 30th. TD Cowen reduced their target price on shares of EchoStar from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $12.00 target price on shares of EchoStar in a research note on Monday, August 12th. Morgan Stanley increased their target price on shares of EchoStar from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th. Finally, UBS Group increased their target price on shares of EchoStar from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $23.00.
Get Our Latest Research Report on EchoStar
EchoStar Trading Down 3.4 %
EchoStar (NASDAQ:SATS – Get Free Report) last issued its earnings results on Friday, August 9th. The communications equipment provider reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.39). EchoStar had a positive return on equity of 0.18% and a negative net margin of 18.65%. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.98 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. The firm’s revenue was down 9.3% on a year-over-year basis. Research analysts predict that EchoStar Co. will post -1.73 earnings per share for the current year.
Institutional Trading of EchoStar
A number of institutional investors have recently modified their holdings of SATS. Clear Street Markets LLC bought a new stake in shares of EchoStar in the 4th quarter valued at about $198,000. Quarry LP bought a new stake in shares of EchoStar in the 4th quarter valued at about $41,000. First Hawaiian Bank bought a new stake in shares of EchoStar in the 1st quarter valued at about $197,000. Alaska Permanent Fund Corp bought a new stake in shares of EchoStar in the 1st quarter valued at about $585,000. Finally, Salem Investment Counselors Inc. boosted its holdings in shares of EchoStar by 17.8% in the 1st quarter. Salem Investment Counselors Inc. now owns 28,924 shares of the communications equipment provider’s stock valued at $412,000 after buying an additional 4,379 shares in the last quarter. 33.62% of the stock is currently owned by institutional investors.
EchoStar Company Profile
EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.
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