EchoStar (NASDAQ:SATS) Cut to “Market Perform” at Raymond James

Raymond James cut shares of EchoStar (NASDAQ:SATS) from a strong-buy rating to a market perform rating in a research report report published on Tuesday, MarketBeat.com reports.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. restated an underweight rating and issued a $12.00 price target on shares of EchoStar in a research note on Monday, August 12th. StockNews.com upgraded shares of EchoStar to a sell rating in a research report on Tuesday, July 30th. Morgan Stanley upped their price target on shares of EchoStar from $14.00 to $20.00 and gave the stock an equal weight rating in a report on Friday, September 13th. UBS Group increased their price target on EchoStar from $14.00 to $15.00 and gave the company a neutral rating in a research note on Tuesday, August 13th. Finally, TD Cowen reduced their price objective on EchoStar from $38.00 to $37.00 and set a buy rating on the stock in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, EchoStar currently has a consensus rating of Hold and an average target price of $23.00.

EchoStar Trading Down 2.8 %

SATS stock opened at $23.67 on Tuesday. EchoStar has a 52 week low of $9.53 and a 52 week high of $30.08. The company has a market capitalization of $6.43 billion, a PE ratio of -3.07 and a beta of 0.70. The company’s 50-day simple moving average is $21.03 and its 200 day simple moving average is $18.25. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.32 and a current ratio of 0.40.

EchoStar (NASDAQ:SATS) last released its earnings results on Friday, August 9th. The communications equipment provider reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.39). The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.98 billion. EchoStar had a negative net margin of 18.65% and a positive return on equity of 0.18%. The business’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 earnings per share. As a group, sell-side analysts anticipate that EchoStar will post -1.81 earnings per share for the current year.

Hedge Funds Weigh In On EchoStar

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in EchoStar by 238.7% in the first quarter. Vanguard Group Inc. now owns 13,707,909 shares of the communications equipment provider’s stock worth $195,338,000 after purchasing an additional 9,661,167 shares during the last quarter. Goldentree Asset Management LP boosted its holdings in shares of EchoStar by 20.4% in the 1st quarter. Goldentree Asset Management LP now owns 2,505,475 shares of the communications equipment provider’s stock worth $35,703,000 after buying an additional 424,259 shares during the last quarter. American Century Companies Inc. grew its position in EchoStar by 51.5% during the second quarter. American Century Companies Inc. now owns 2,243,761 shares of the communications equipment provider’s stock valued at $39,961,000 after buying an additional 762,462 shares during the period. Pennant Select LLC purchased a new stake in EchoStar during the fourth quarter worth about $36,892,000. Finally, Pennant Investors LP bought a new stake in EchoStar in the fourth quarter worth about $35,679,000. 33.62% of the stock is owned by institutional investors.

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.