Echostar (NASDAQ:SATS) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Echostar (NASDAQ:SATS) from a strong sell rating to a hold rating in a research note released on Saturday, Zacks.com reports.

According to Zacks, “EchoStar is a global provider of satellite service operations, video delivery services, broadband satellite technologies and broadband internet services for home and small office customers. They also deliver innovative network technologies, managed services, and various communications solutions for aeronautical, enterprise and government customers. “

A number of other equities research analysts have also commented on SATS. ValuEngine lowered shares of Echostar from a buy rating to a hold rating in a report on Monday, November 4th. BidaskClub upgraded shares of Echostar from a hold rating to a buy rating in a report on Thursday, October 24th. Citigroup lowered shares of Echostar from a buy rating to a neutral rating and dropped their price objective for the stock from $48.00 to $44.00 in a report on Friday, October 4th. Finally, Raymond James restated a strong-buy rating and set a $61.00 price objective (down from $68.00) on shares of Echostar in a report on Wednesday, September 11th. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $49.67.

Shares of SATS traded down $0.01 during mid-day trading on Friday, hitting $41.09. 585,100 shares of the company traded hands, compared to its average volume of 489,080. Echostar has a one year low of $27.29 and a one year high of $43.04. The company has a current ratio of 6.10, a quick ratio of 5.94 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average of $38.49 and a 200 day moving average of $41.41. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of 108.13 and a beta of 0.81.

Echostar (NASDAQ:SATS) last issued its quarterly earnings data on Thursday, November 7th. The communications equipment provider reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.20. Echostar had a negative net margin of 4.09% and a positive return on equity of 0.46%. The business had revenue of $472.26 million for the quarter, compared to analyst estimates of $470.15 million. During the same period last year, the business posted $0.17 earnings per share. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, analysts anticipate that Echostar will post -0.47 earnings per share for the current year.

In other Echostar news, CEO Michael T. Dugan sold 100,000 shares of Echostar stock in a transaction 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 document filed with the SEC, which is available through this hyperlink. 52.00% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of SATS. Nuveen Asset Management LLC acquired a new stake in Echostar in the 2nd quarter valued at $14,790,000. Renaissance Technologies LLC grew its position in shares of Echostar by 8.2% in the 2nd quarter. Renaissance Technologies LLC now owns 3,551,580 shares of the communications equipment provider’s stock valued at $157,406,000 after acquiring an additional 270,500 shares during the period. Clearline Capital LP bought a new position in shares of Echostar in the 2nd quarter valued at about $11,478,000. Park West Asset Management LLC grew its position in shares of Echostar by 23.8% in the 2nd quarter. Park West Asset Management LLC now owns 971,662 shares of the communications equipment provider’s stock valued at $43,064,000 after acquiring an additional 186,615 shares during the period. Finally, AXA bought a new position in shares of Echostar in the 2nd quarter valued at about $6,480,000. Hedge funds and other institutional investors own 44.84% of the company’s stock.

Echostar Company Profile

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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