EchoStar (NASDAQ:SATS) Price Target Raised to $28.50

EchoStar (NASDAQ:SATS) had its target price lifted by Citigroup from $27.00 to $28.50 in a research report report published on Monday,Benzinga reports. The firm currently has a neutral rating on the communications equipment provider’s stock.

EchoStar Price Performance

Shares of NASDAQ:SATS opened at $24.63 on Monday. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of -32.84 and a beta of 0.74. The firm has a fifty day moving average price of $21.45 and a 200 day moving average price of $24.26. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.19 and a current ratio of 1.26. EchoStar has a fifty-two week low of $14.79 and a fifty-two week high of $32.48.

EchoStar (NASDAQ:SATS) last released its quarterly earnings results on Friday, May 9th. The communications equipment provider reported ($0.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.19. The company had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.87 billion. EchoStar had a negative net margin of 1.37% and a negative return on equity of 1.08%. EchoStar’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. As a group, sell-side analysts expect that EchoStar will post -1.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EchoStar

Hedge funds and other institutional investors have recently made changes to their positions in the company. FIL Ltd raised its stake in shares of EchoStar by 139.9% in the fourth quarter. FIL Ltd now owns 601,250 shares of the communications equipment provider’s stock valued at $13,769,000 after acquiring an additional 350,650 shares during the period. Rhumbline Advisers raised its stake in shares of EchoStar by 4.7% in the first quarter. Rhumbline Advisers now owns 391,985 shares of the communications equipment provider’s stock valued at $10,027,000 after acquiring an additional 17,448 shares during the period. Nebula Research & Development LLC raised its stake in shares of EchoStar by 88.7% in the fourth quarter. Nebula Research & Development LLC now owns 41,673 shares of the communications equipment provider’s stock valued at $954,000 after acquiring an additional 19,590 shares during the period. Illinois Municipal Retirement Fund raised its stake in shares of EchoStar by 30.8% in the fourth quarter. Illinois Municipal Retirement Fund now owns 69,076 shares of the communications equipment provider’s stock valued at $1,582,000 after acquiring an additional 16,253 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of EchoStar by 3,470.8% in the first quarter. GAMMA Investing LLC now owns 88,021 shares of the communications equipment provider’s stock valued at $2,252,000 after acquiring an additional 85,556 shares during the period. Hedge funds and other institutional investors own 33.62% of the company’s stock.

About EchoStar

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.