Echostar (NASDAQ:SATS) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Echostar (NASDAQ:SATS) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. They currently have $47.00 price objective on the communications equipment provider’s stock.

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. “

Several other analysts have also recently weighed in on SATS. Citigroup cut Echostar from a buy rating to a neutral rating and cut their price objective for the company from $48.00 to $44.00 in a research report on Friday, October 4th. ValuEngine cut Echostar from a buy rating to a hold rating in a research report on Monday, November 4th. Finally, BidaskClub cut Echostar from a hold rating to a sell rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a strong buy rating to the company’s stock. Echostar currently has a consensus rating of Hold and an average price target of $50.67.

Echostar stock traded down $0.33 during trading hours on Wednesday, hitting $42.94. 286,356 shares of the stock traded hands, compared to its average volume of 390,830. The firm’s 50-day moving average price is $42.53 and its two-hundred day moving average price is $41.55. The company has a current ratio of 6.35, a quick ratio of 6.17 and a debt-to-equity ratio of 0.67. The company has a market cap of $4.19 billion, a PE ratio of 113.00 and a beta of 0.80. Echostar has a one year low of $28.49 and a one year high of $45.15.

Echostar (NASDAQ:SATS) last posted its quarterly earnings data on Thursday, November 7th. The communications equipment provider reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.39) by $0.20. The business had revenue of $472.26 million for the quarter, compared to analysts’ expectations of $470.15 million. Echostar had a negative return on equity of 0.31% and a negative net margin of 5.86%. The business’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.17 EPS. On average, sell-side analysts expect that Echostar will post -0.79 earnings per share for the current fiscal year.

In other news, insider Pradman P. Kaul sold 1,321 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $42.27, for a total value of $55,838.67. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael T. Dugan sold 22,348 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $41.53, for a total value of $928,112.44. Following the completion of the sale, the chief executive officer now directly owns 73,787 shares in the company, valued at $3,064,374.11. The disclosure for this sale can be found here. Insiders own 52.00% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio lifted its position in Echostar by 2.8% in the 3rd quarter. Strs Ohio now owns 9,723 shares of the communications equipment provider’s stock valued at $385,000 after acquiring an additional 266 shares in the last quarter. Great Lakes Advisors LLC raised its stake in Echostar by 3.8% during the 3rd quarter. Great Lakes Advisors LLC now owns 8,114 shares of the communications equipment provider’s stock valued at $321,000 after buying an additional 297 shares during the last quarter. Rhumbline Advisers raised its stake in Echostar by 1.9% during the 3rd quarter. Rhumbline Advisers now owns 37,875 shares of the communications equipment provider’s stock valued at $1,501,000 after buying an additional 706 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in Echostar by 19.0% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 8,475 shares of the communications equipment provider’s stock valued at $335,000 after buying an additional 1,355 shares during the last quarter. Finally, Cutler Group LP raised its stake in Echostar by 89.5% during the 3rd quarter. Cutler Group LP now owns 3,076 shares of the communications equipment provider’s stock valued at $121,000 after buying an additional 1,453 shares during the last quarter. 46.32% of the stock is currently owned by institutional investors and hedge funds.

About Echostar

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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