EchoStar Corp. (SATS) Downgraded by Zacks Investment Research to Sell
According to Zacks, “ECHOSTAR CORP is a publicly traded company. They intend to operate two primary businesses, a digital set-top box business and a fixed satellite services business. Their set-top box business designs, develops and distributes set-top boxes and related products for direct-to-home satellite service providers. “
Several other equities research analysts have also recently weighed in on the company. Citigroup Inc. increased their price objective on EchoStar Corp. from $60.00 to $62.00 and gave the company a buy rating in a research report on Wednesday, August 17th. TheStreet cut EchoStar Corp. from a buy rating to a hold rating in a research report on Wednesday, July 6th. Finally, Macquarie reissued an outperform rating and issued a $55.00 price objective on shares of EchoStar Corp. in a research report on Friday, July 8th.
EchoStar Corp. (NASDAQ:SATS) traded down 1.62% during midday trading on Wednesday, reaching $44.81. 22,303 shares of the company traded hands. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 20.65 and a beta of 0.99. EchoStar Corp. has a 12-month low of $30.86 and a 12-month high of $47.54. The company has a 50-day moving average price of $41.15 and a 200-day moving average price of $40.20.
EchoStar Corp. (NASDAQ:SATS) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.17. EchoStar Corp. had a return on equity of 5.17% and a net margin of 6.31%. The company earned $757.60 million during the quarter, compared to analysts’ expectations of $766.99 million. During the same period in the prior year, the business earned $0.36 earnings per share. EchoStar Corp.’s revenue for the quarter was down 4.6% compared to the same quarter last year. On average, analysts predict that EchoStar Corp. will post $1.78 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quaker Capital Investments LLC raised its position in EchoStar Corp. by 769.0% in the second quarter. Quaker Capital Investments LLC now owns 236,368 shares of the company’s stock valued at $9,384,000 after buying an additional 209,168 shares in the last quarter. Vanguard Group Inc. raised its position in EchoStar Corp. by 4.8% in the second quarter. Vanguard Group Inc. now owns 3,253,304 shares of the company’s stock valued at $129,157,000 after buying an additional 148,602 shares in the last quarter. Renaissance Technologies LLC raised its position in EchoStar Corp. by 4.9% in the first quarter. Renaissance Technologies LLC now owns 2,081,180 shares of the company’s stock valued at $92,175,000 after buying an additional 96,900 shares in the last quarter. ACT II Management LP bought a new position in EchoStar Corp. during the second quarter valued at about $3,242,000. Finally, State of New Jersey Common Pension Fund D raised its position in EchoStar Corp. by 12.6% in the second quarter. State of New Jersey Common Pension Fund D now owns 715,000 shares of the company’s stock valued at $28,386,000 after buying an additional 80,000 shares in the last quarter. Hedge funds and other institutional investors own 44.02% of the company’s stock.
About EchoStar Corp.
EchoStar Corporation is a holding company. The Company operates through three segments: Hughes, EchoStar Technologies (ETC) and EchoStar Satellite Services (ESS). Its operations also include real estate and other activities. The Company’s Hughes segment provides broadband satellite technologies and services for the home and office, delivering network technologies, managed services, and solutions for consumers, enterprises and governments.
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