EchoStar Corporation (NASDAQ:SATS – Get Free Report) shares fell 5% during trading on Wednesday . The company traded as low as $116.50 and last traded at $114.9570. 2,548,584 shares were traded during trading, a decline of 64% from the average session volume of 7,038,973 shares. The stock had previously closed at $120.97.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on SATS. Wall Street Zen upgraded shares of EchoStar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. TD Cowen raised their price objective on shares of EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Williams Trading set a $155.00 price objective on shares of EchoStar in a report on Monday, May 18th. Finally, Zacks Research lowered shares of EchoStar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, EchoStar has a consensus rating of “Hold” and an average target price of $137.71.
Read Our Latest Stock Analysis on SATS
EchoStar Trading Down 7.9%
EchoStar (NASDAQ:SATS – Get Free Report) last posted its quarterly earnings data on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.03). The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.65 billion. EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.During the same period in the previous year, the business posted ($0.71) EPS.
Insider Buying and Selling at EchoStar
In related news, CEO Hamid Akhavan sold 52,586 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the sale, the chief executive officer owned 865,633 shares of the company’s stock, valued at $104,741,593. This trade represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.70% of the stock is currently owned by corporate insiders.
Institutional Trading of EchoStar
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bellwether Advisors LLC acquired a new stake in shares of EchoStar in the fourth quarter valued at approximately $3,593,000. Dockside LLC acquired a new stake in shares of EchoStar in the fourth quarter valued at approximately $1,554,000. Junto Capital Management LP acquired a new stake in shares of EchoStar in the third quarter valued at approximately $55,199,000. Seven Grand Managers LLC acquired a new stake in shares of EchoStar in the fourth quarter valued at approximately $21,740,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new stake in EchoStar during the 4th quarter worth $28,994,000. Institutional investors and hedge funds own 33.62% of the company’s stock.
EchoStar Company Profile
EchoStar Corporation (NASDAQ: SATS) is a global provider of satellite communication solutions, offering a suite of broadband and video delivery services to consumer, enterprise and government customers. The company operates two principal business segments: Broadband and Video. Through its Broadband segment, EchoStar delivers high-speed satellite internet access, managed network services and ground infrastructure for residential, commercial and rural markets. Its Video segment provides satellite fleet operations, teleport facilities and capacity-leasing services to video distributors and content providers.
In the Broadband segment, EchoStar’s Hughes Network Systems division designs and manufactures satellite broadband equipment, including user terminals and gateways, and develops advanced network management technologies.
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