DISH Network (NASDAQ:DISH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “DISH is hurt by subscriber loss in the Pay-TV business, primarily due to stiff competition and cord-cutting. Moreover, Sling TV subscriber base is increasing, but at a much slower rate. These factors negatively impacted top-line growth. Churn rate is likely to increase due to unavailability of Univision’s certain channels as well as HBO and Cinemax. Additionally, escalating programming and content expenses, retransmission fees and failure to strike any deal with wireless operators are major concerns. Nevertheless, DISH’s efforts to diversify its business from being a pure-play satellite-TV operator to an Internet TV operator is expected to help it counter competitive threats from low-cost video streaming operators. Moreover, DISH’s focus on acquiring and retaining subscribers that are profitable over the long term, is expected to drive growth. Shares have underperformed the industry in the past year.”
A number of other equities research analysts have also commented on DISH. Macquarie lowered shares of DISH Network from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $36.00 to $31.00 in a report on Tuesday, October 23rd. Guggenheim upgraded shares of DISH Network from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $32.00 to $50.00 in a report on Wednesday, October 24th. BidaskClub upgraded shares of DISH Network from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Pivotal Research dropped their price objective on shares of DISH Network from $40.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, November 2nd. Finally, SunTrust Banks dropped their price objective on shares of DISH Network to $35.00 and set a “hold” rating on the stock in a report on Thursday, November 8th. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. DISH Network currently has a consensus rating of “Hold” and an average target price of $39.07.
Shares of NASDAQ:DISH traded down $0.20 during midday trading on Monday, reaching $31.35. 1,309,301 shares of the company were exchanged, compared to its average volume of 3,129,986. DISH Network has a fifty-two week low of $23.22 and a fifty-two week high of $46.30. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 1.67. The firm has a market cap of $14.75 billion, a price-to-earnings ratio of 12.34 and a beta of 1.57.
In other DISH Network news, insider James Defranco purchased 5,000 shares of the stock in a transaction on Monday, December 3rd. The shares were purchased at an average cost of $32.99 per share, for a total transaction of $164,950.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders acquired a total of 200,000 shares of company stock worth $5,727,900 over the last quarter. Company insiders own 49.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of DISH. Quantamental Technologies LLC acquired a new position in shares of DISH Network during the 4th quarter worth about $160,000. CENTRAL TRUST Co acquired a new position in shares of DISH Network during the 4th quarter worth about $53,000. LPL Financial LLC increased its stake in shares of DISH Network by 10.0% during the 3rd quarter. LPL Financial LLC now owns 62,587 shares of the company’s stock worth $2,238,000 after purchasing an additional 5,708 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new position in shares of DISH Network during the 3rd quarter worth about $1,311,000. Finally, Botty Investors LLC boosted its holdings in shares of DISH Network by 14.7% during the 3rd quarter. Botty Investors LLC now owns 70,180 shares of the company’s stock worth $2,510,000 after buying an additional 9,020 shares during the period. Hedge funds and other institutional investors own 48.84% of the company’s stock.
DISH Network Company Profile
DISH Network Corporation, together with its subsidiaries, provides pay-TV services in the United States. The company operates in two segments, Pay-TV and Wireless. It offers video services under the DISH TV brand; and programming packages that include programming through national broadcast networks, local broadcast networks, and national and regional cable networks, as well as regional and specialty sports channels, premium movie channels, and Latino and international programming packages.
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