Echostar (NASDAQ:SATS) Upgraded to Buy at Zacks Investment Research

Echostar (NASDAQ:SATS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The brokerage presently has a $47.00 price target on the communications equipment provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.28% from the stock’s previous close.

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. “

SATS has been the topic of a number of other reports. ValuEngine downgraded shares of Echostar from a “buy” rating to a “hold” rating in a report on Monday, November 4th. BidaskClub downgraded shares of Echostar from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Citigroup downgraded shares of Echostar from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $48.00 to $44.00 in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Echostar presently has an average rating of “Hold” and an average target price of $50.67.

NASDAQ SATS opened at $42.62 on Wednesday. The company has a market cap of $4.16 billion, a PE ratio of 112.16 and a beta of 0.80. Echostar has a 52 week low of $28.49 and a 52 week high of $45.15. The company has a quick ratio of 6.17, a current ratio of 6.35 and a debt-to-equity ratio of 0.67. The firm’s 50-day simple moving average is $42.48 and its two-hundred day simple moving average is $41.56.

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

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

Institutional investors have recently made changes to their positions in the company. Nuveen Asset Management LLC purchased a new stake in Echostar in the second quarter valued at approximately $14,790,000. Clearline Capital LP purchased a new stake in Echostar in the second quarter valued at approximately $11,478,000. Millennium Management LLC raised its stake in Echostar by 1,583.8% in the third quarter. Millennium Management LLC now owns 273,834 shares of the communications equipment provider’s stock valued at $10,849,000 after purchasing an additional 257,571 shares in the last quarter. CDAM UK Ltd raised its stake in Echostar by 14.0% in the third quarter. CDAM UK Ltd now owns 1,467,408 shares of the communications equipment provider’s stock valued at $58,139,000 after purchasing an additional 180,463 shares in the last quarter. Finally, AXA purchased a new stake in Echostar in the second quarter valued at approximately $6,480,000. 46.32% of the stock is currently owned by hedge funds and other institutional investors.

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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