Echostar (SATS) Stock Rating Upgraded by Zacks Investment Research
Echostar (NASDAQ:SATS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
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. “
Several other research firms also recently commented on SATS. Citigroup lifted their price objective on Echostar from $71.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, February 26th. TheStreet upgraded Echostar from a “c+” rating to a “b-” rating in a report on Tuesday, February 27th. Jefferies Group set a $70.00 price objective on Echostar and gave the stock a “hold” rating in a report on Friday, December 1st. Finally, BidaskClub upgraded Echostar from a “sell” rating to a “hold” rating in a report on Saturday, December 30th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $71.00.
Echostar (NASDAQ:SATS) last posted its quarterly earnings results on Thursday, February 22nd. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.03). The company had revenue of $506.05 million during the quarter, compared to analysts’ expectations of $508.33 million. Echostar had a return on equity of 2.06% and a net margin of 20.82%. Echostar’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 EPS. research analysts expect that Echostar will post 0.98 earnings per share for the current year.
In related news, Director Tom A. Ortolf sold 5,000 shares of Echostar stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $59.71, for a total value of $298,550.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David Rayner sold 4,000 shares of Echostar stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $58.76, for a total value of $235,040.00. The disclosure for this sale can be found here. Insiders sold a total of 18,381 shares of company stock valued at $1,105,920 over the last quarter. 73.54% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its stake in shares of 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 valued at $177,000 after purchasing an additional 207 shares during the period. Great West Life Assurance Co. Can grew its stake in shares of Echostar by 24.0% during the 3rd quarter. Great West Life Assurance Co. Can now owns 4,939 shares of the communications equipment provider’s stock valued at $282,000 after purchasing an additional 957 shares during the period. Vident Investment Advisory LLC grew its stake in shares of Echostar by 3.3% during the 3rd quarter. Vident Investment Advisory LLC now owns 30,658 shares of the communications equipment provider’s stock valued at $1,755,000 after purchasing an additional 979 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Echostar by 8.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 12,413 shares of the communications equipment provider’s stock valued at $711,000 after purchasing an additional 994 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of Echostar by 0.9% during the 3rd quarter. Wells Fargo & Company MN now owns 129,575 shares of the communications equipment provider’s stock valued at $7,417,000 after purchasing an additional 1,172 shares during the period. Institutional investors and hedge funds own 45.87% of the company’s stock.
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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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