Echostar (NASDAQ:SATS) Downgraded by Zacks Investment Research

Echostar (NASDAQ:SATS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

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. “

Other analysts also recently issued research reports about the company. Raymond James restated a “strong-buy” rating and issued a $61.00 price target (down previously from $68.00) on shares of Echostar in a research note on Wednesday, September 11th. BidaskClub downgraded Echostar from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 5th. Finally, Citigroup downgraded Echostar from a “buy” rating to a “neutral” rating and cut their target price for the company from $48.00 to $44.00 in a research note on Friday, October 4th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $49.67.



Shares of Echostar stock traded down $0.15 during midday trading on Thursday, hitting $35.64. The company had a trading volume of 3,016 shares, compared to its average volume of 523,661. The company has a debt-to-equity ratio of 0.62, a quick ratio of 5.94 and a current ratio of 6.10. The stock has a market capitalization of $3.59 billion, a P/E ratio of 94.05 and a beta of 0.80. The company has a 50 day moving average of $40.23 and a 200 day moving average of $41.38. Echostar has a 52-week low of $27.29 and a 52-week high of $41.32.

Echostar (NASDAQ:SATS) last posted its quarterly earnings results on Thursday, August 8th. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.17). The company had revenue of $537.12 million during the quarter, compared to analysts’ expectations of $538.80 million. Echostar had a positive return on equity of 0.46% and a negative net margin of 4.09%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.80 EPS. Equities research analysts forecast that Echostar will post 1.01 EPS for the current year.

In other Echostar news, CEO Michael T. Dugan sold 100,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.07, for a total transaction of $3,907,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 52.00% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Point72 Hong Kong Ltd purchased a new position in shares of Echostar in the 2nd quarter worth $92,000. Ashburton Jersey Ltd bought a new position in Echostar in the 2nd quarter worth $107,000. Convergence Investment Partners LLC bought a new position in Echostar in the 2nd quarter worth $116,000. Silvercrest Asset Management Group LLC bought a new position in Echostar in the 2nd quarter worth $203,000. Finally, Quantamental Technologies LLC raised its holdings in Echostar by 58.4% in the 2nd quarter. Quantamental Technologies LLC now owns 4,880 shares of the communications equipment provider’s stock worth $216,000 after purchasing an additional 1,799 shares during the period. Institutional investors and hedge funds own 45.49% of the company’s stock.

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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