Echostar (SATS) Downgraded to “Sell” at Zacks Investment Research
Zacks Investment Research cut shares of Echostar (NASDAQ:SATS) from a buy rating to a sell rating in a research report sent to investors on Wednesday.
According to Zacks, “ECHOSTAR CORP is a publicly traded company. They intend to operate two primary businesses, a digital set-top box business and a fixed satellite services business. Their set-top box business designs, develops and distributes set-top boxes and related products for direct-to-home satellite service providers. “
SATS has been the topic of several other research reports. BidaskClub raised shares of Echostar from a sell rating to a hold rating in a report on Saturday, December 30th. Jefferies Group set a $70.00 target price on shares of Echostar and gave the stock a hold rating in a report on Friday, December 1st. Finally, Citigroup upped their target price on shares of Echostar from $71.00 to $76.00 and gave the stock a buy rating in a report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Echostar presently has an average rating of Hold and an average target price of $71.00.
Echostar (NASDAQ:SATS) last posted its earnings results on Thursday, February 22nd. The communications equipment provider reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.03). Echostar had a return on equity of 2.06% and a net margin of 20.82%. The firm had revenue of $506.05 million during the quarter, compared to the consensus estimate of $508.33 million. During the same period in the previous year, the company posted $0.40 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. research analysts expect that Echostar will post 0.98 earnings per share for the current year.
In other Echostar news, CEO Michael T. Dugan sold 1,800 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $62.11, for a total transaction of $111,798.00. Following the sale, the chief executive officer now owns 26,746 shares of the company’s stock, valued at approximately $1,661,194.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael T. Dugan sold 3,508 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $62.00, for a total transaction of $217,496.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,381 shares of company stock worth $1,105,920. Insiders own 73.54% of the company’s stock.
A number of large investors have recently modified their holdings of SATS. Stifel Financial Corp bought a new stake in Echostar during the 2nd quarter worth about $424,000. State Street Corp grew its holdings in Echostar by 2.7% during the 2nd quarter. State Street Corp now owns 693,263 shares of the communications equipment provider’s stock worth $42,081,000 after acquiring an additional 18,468 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in Echostar by 390.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,432 shares of the communications equipment provider’s stock worth $208,000 after acquiring an additional 2,732 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Echostar by 7.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,909 shares of the communications equipment provider’s stock worth $177,000 after acquiring an additional 207 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in Echostar by 19.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 17,996 shares of the communications equipment provider’s stock worth $1,092,000 after acquiring an additional 2,925 shares during the last quarter. 45.73% of the stock is currently owned by hedge funds and other institutional investors.
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EchoStar Corporation is a holding company. The Company is a provider of satellite operations, video delivery solutions, digital set-top boxes, and broadband satellite technologies and services for home and office, delivering network technologies, managed services, and solutions for enterprises and governments.
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