EchoStar (NASDAQ:SATS) Trading Down 8.2% – Here’s What Happened

EchoStar Co. (NASDAQ:SATS)’s share price was down 8.2% during trading on Tuesday . The stock traded as low as $23.78 and last traded at $23.98. Approximately 965,489 shares changed hands during trading, a decline of 45% from the average daily volume of 1,765,752 shares. The stock had previously closed at $26.13.

Analyst Upgrades and Downgrades

SATS has been the subject of a number of research reports. Raymond James downgraded EchoStar from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. TD Cowen dropped their target price on EchoStar from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Monday, August 12th. UBS Group upped their target price on EchoStar from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. StockNews.com raised EchoStar to a “sell” rating in a report on Saturday. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $12.00 price objective on shares of EchoStar in a research note on Monday, August 12th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $21.00.

EchoStar Stock Performance

The company has a current ratio of 0.40, a quick ratio of 0.32 and a debt-to-equity ratio of 1.00. The company’s fifty day moving average is $24.64 and its 200 day moving average is $20.48. The company has a market cap of $6.18 billion, a P/E ratio of -2.83 and a beta of 0.70.

EchoStar (NASDAQ:SATS) last announced 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). The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.98 billion. EchoStar had a negative net margin of 18.65% and a positive return on equity of 0.18%. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 earnings per share. As a group, equities analysts predict that EchoStar Co. will post -1.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EchoStar

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in EchoStar by 54.7% in the 3rd quarter. GAMMA Investing LLC now owns 2,231 shares of the communications equipment provider’s stock valued at $55,000 after purchasing an additional 789 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in EchoStar by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 60,700 shares of the communications equipment provider’s stock worth $1,081,000 after purchasing an additional 1,100 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in EchoStar by 694.8% during the second quarter. Hexagon Capital Partners LLC now owns 1,677 shares of the communications equipment provider’s stock worth $30,000 after purchasing an additional 1,466 shares in the last quarter. Eagle Bay Advisors LLC increased its holdings in EchoStar by 183.6% in the first quarter. Eagle Bay Advisors LLC now owns 2,269 shares of the communications equipment provider’s stock valued at $32,000 after buying an additional 1,469 shares in the last quarter. Finally, Natixis Advisors LLC grew its position in shares of EchoStar by 9.8% in the third quarter. Natixis Advisors LLC now owns 21,790 shares of the communications equipment provider’s stock valued at $541,000 after purchasing an additional 1,942 shares during the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.

About EchoStar

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.