EchoStar (NASDAQ:SATS) Given New $87.00 Price Target at Citigroup

EchoStar (NASDAQ:SATS) had its target price increased by Citigroup from $85.00 to $87.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a neutral rating on the communications equipment provider’s stock.

Other research analysts have also issued research reports about the company. TD Cowen boosted their target price on EchoStar from $28.00 to $67.00 and gave the company a “buy” rating in a report on Wednesday, August 27th. Morgan Stanley boosted their price objective on shares of EchoStar from $59.00 to $91.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 9th. Deutsche Bank Aktiengesellschaft set a $105.00 price objective on shares of EchoStar in a research report on Tuesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EchoStar in a report on Wednesday, October 8th. Finally, Cowen reiterated a “buy” rating on shares of EchoStar in a research note on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.60.

EchoStar Trading Down 3.3%

NASDAQ SATS opened at $71.28 on Tuesday. The firm’s fifty day moving average is $74.01 and its two-hundred day moving average is $43.82. EchoStar has a one year low of $14.90 and a one year high of $85.37. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.22. The firm has a market cap of $20.51 billion, a PE ratio of -67.89 and a beta of 0.94.

EchoStar (NASDAQ:SATS) last released its quarterly earnings results on Thursday, November 6th. The communications equipment provider reported ($44.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.23) by ($43.14). The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.75 billion. EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.The business’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.52) EPS. Analysts expect that EchoStar will post -1.99 earnings per share for the current year.

Insider Transactions at EchoStar

In other news, Director Kathleen Q. Abernathy sold 16,754 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $82.35, for a total value of $1,379,691.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hamid Akhavan sold 233,918 shares of EchoStar stock in a transaction on Friday, September 12th. The stock was sold at an average price of $75.35, for a total value of $17,625,721.30. Following the transaction, the chief executive officer directly owned 376,805 shares of the company’s stock, valued at $28,392,256.75. This trade represents a 38.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 460,740 shares of company stock valued at $35,967,480. Company insiders own 55.90% of the company’s stock.

Hedge Funds Weigh In On EchoStar

Several hedge funds have recently added to or reduced their stakes in SATS. Teacher Retirement System of Texas purchased a new stake in shares of EchoStar in the first quarter valued at about $850,000. State of Michigan Retirement System acquired a new stake in shares of EchoStar in the first quarter worth approximately $739,000. Xponance Inc. grew its stake in shares of EchoStar by 140.1% during the 1st quarter. Xponance Inc. now owns 21,066 shares of the communications equipment provider’s stock valued at $539,000 after buying an additional 12,293 shares during the period. Arizona State Retirement System increased its stake in EchoStar by 9.0% during the first quarter. Arizona State Retirement System now owns 39,915 shares of the communications equipment provider’s stock worth $1,021,000 after acquiring an additional 3,306 shares during the last quarter. Finally, Mutual of America Capital Management LLC raised its holdings in EchoStar by 239.8% in the first quarter. Mutual of America Capital Management LLC now owns 62,185 shares of the communications equipment provider’s stock valued at $1,591,000 after buying an additional 43,882 shares during the period. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

EchoStar Company Profile

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.