BidaskClub Downgrades Echostar (NASDAQ:SATS) to Sell

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Echostar (NASDAQ:SATS) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Tuesday, BidAskClub reports.

Other research analysts have also issued research reports about the company. ValuEngine lowered Echostar from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Citigroup lowered Echostar from a “buy” rating to a “neutral” rating and reduced their target price for the company from $48.00 to $44.00 in a report on Friday, October 4th. Finally, Zacks Investment Research raised Echostar from a “strong sell” rating to a “hold” rating in a report on Saturday, November 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $50.67.

Shares of SATS traded up $0.56 on Tuesday, reaching $43.30. The company’s stock had a trading volume of 3,907 shares, compared to its average volume of 347,885. The stock has a market capitalization of $4.21 billion, a PE ratio of 113.53 and a beta of 0.80. 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 firm has a fifty day moving average of $42.48 and a 200-day moving average of $41.56. Echostar has a twelve month low of $28.49 and a twelve month high of $45.15.

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

In other news, insider Pradman P. Kaul sold 1,321 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $42.27, for a total transaction of $55,838.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael T. Dugan sold 22,348 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $41.53, for a total value of $928,112.44. Following the transaction, the chief executive officer now directly owns 73,787 shares of the company’s stock, valued at approximately $3,064,374.11. The disclosure for this sale can be found here. 52.00% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in SATS. CDAM UK Ltd lifted its holdings in shares of Echostar by 14.0% during the 3rd quarter. CDAM UK Ltd now owns 1,467,408 shares of the communications equipment provider’s stock worth $58,139,000 after acquiring an additional 180,463 shares during the last quarter. Montag A & Associates Inc. bought a new stake in Echostar during the third quarter worth about $2,026,000. Point72 Asset Management L.P. bought a new stake in Echostar during the third quarter worth about $79,000. Alberta Investment Management Corp boosted its holdings in shares of Echostar by 367.6% in the 3rd quarter. Alberta Investment Management Corp now owns 79,500 shares of the communications equipment provider’s stock worth $3,150,000 after purchasing an additional 62,500 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Echostar by 1,583.8% in the 3rd quarter. Millennium Management LLC now owns 273,834 shares of the communications equipment provider’s stock worth $10,849,000 after purchasing an additional 257,571 shares in the last quarter. 46.32% of the stock is 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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