Echostar Co. (NASDAQ:SATS)’s share price traded down 16.6% during mid-day trading on Wednesday . The company traded as low as $37.03 and last traded at $38.35, 1,088,216 shares traded hands during trading. An increase of 163% from the average session volume of 413,196 shares. The stock had previously closed at $46.01.
SATS has been the subject of several recent research reports. BidaskClub raised shares of Echostar from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Raymond James reaffirmed a “strong-buy” rating and set a $61.00 price objective (down previously from $68.00) on shares of Echostar in a research report on Wednesday. Daiwa Capital Markets lowered Echostar from an “outperform” rating to a “neutral” rating in a research report on Friday, May 17th. Finally, Zacks Investment Research upgraded Echostar from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Echostar currently has an average rating of “Buy” and an average target price of $54.67.
The company has a debt-to-equity ratio of 0.62, a quick ratio of 5.94 and a current ratio of 6.10. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 100.92 and a beta of 0.79. The business has a 50-day simple moving average of $42.18 and a 200-day simple moving average of $41.25.
Echostar (NASDAQ:SATS) last announced its quarterly earnings data on Thursday, August 8th. The communications equipment provider reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.17). Echostar had a positive return on equity of 0.46% and a negative net margin of 4.09%. The company had revenue of $537.12 million for the quarter, compared to analyst estimates of $538.80 million. During the same period in the prior year, the firm posted $0.80 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Research analysts anticipate that Echostar Co. will post 1.01 EPS for the current year.
In related news, CEO Michael T. Dugan sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $39.07, for a total value of $3,907,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 52.00% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd purchased a new stake in shares of Echostar in the 2nd quarter valued at approximately $92,000. Ashburton Jersey Ltd acquired a new stake in shares of Echostar in the 2nd quarter valued at $107,000. Convergence Investment Partners LLC purchased a new stake in shares of Echostar during the 2nd quarter worth $116,000. Silvercrest Asset Management Group LLC purchased a new stake in shares of Echostar during the 2nd quarter worth $203,000. Finally, Quantamental Technologies LLC lifted its position in shares of Echostar by 58.4% during the 2nd quarter. Quantamental Technologies LLC now owns 4,880 shares of the communications equipment provider’s stock worth $216,000 after purchasing an additional 1,799 shares during the last quarter. Institutional investors own 45.49% of the company’s stock.
Echostar Company Profile (NASDAQ:SATS)
EchoStar Corporation, together with its subsidiaries, provides broadband satellite technologies and broadband Internet services for home and small office customers, satellite operations, and satellite services worldwide. It operates in two segments, Hughes and EchoStar Satellite Services. The Hughes segments offers broadband satellite technologies and Internet services for home and small office customers; and broadband network technologies, managed services, equipment, hardware, satellite services, and communication solutions for aeronautical, enterprise, and government customers, as well as consumers.
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