EchoStar (NASDAQ:SATS) Trading Down 7.8% – Time to Sell?

EchoStar Corporation (NASDAQ:SATS) shares were down 7.8% during mid-day trading on Tuesday . The stock traded as low as $125.16 and last traded at $124.55. Approximately 3,278,553 shares were traded during trading, a decline of 48% from the average daily volume of 6,313,326 shares. The stock had previously closed at $135.11.

Wall Street Analyst Weigh In

SATS has been the topic of several research analyst reports. Zacks Research lowered EchoStar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. UBS Group upped their price objective on EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. TD Cowen restated a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. Williams Trading set a $158.00 price objective on EchoStar in a research note on Wednesday, January 7th. Finally, Citigroup upped their price objective on EchoStar from $111.00 to $121.00 and gave the company a “neutral” rating in a research note on Tuesday, February 3rd. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, EchoStar currently has an average rating of “Hold” and a consensus target price of $134.17.

EchoStar Stock Down 0.7%

The company has a quick ratio of 0.38, a current ratio of 0.42 and a debt-to-equity ratio of 3.21. The firm has a 50 day simple moving average of $116.64 and a 200-day simple moving average of $101.65. The stock has a market cap of $35.10 billion, a P/E ratio of -2.42 and a beta of 1.00.

Insider Activity at EchoStar

In other news, CEO Hamid Akhavan sold 71,005 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $107.52, for a total value of $7,634,457.60. Following the transaction, the chief executive officer owned 823,293 shares of the company’s stock, valued at approximately $88,520,463.36. This represents a 7.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO John Swieringa sold 50,088 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $113.58, for a total value of $5,688,995.04. Following the completion of the transaction, the chief operating officer directly owned 253,535 shares in the company, valued at $28,796,505.30. The trade was a 16.50% decrease in their position. The SEC filing for this sale provides additional information. 55.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On EchoStar

Institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management acquired a new position in shares of EchoStar in the fourth quarter valued at approximately $26,000. Deseret Mutual Benefit Administrators acquired a new position in shares of EchoStar in the third quarter valued at approximately $28,000. CoreCap Advisors LLC acquired a new position in shares of EchoStar in the fourth quarter valued at approximately $28,000. Rosenberg Matthew Hamilton acquired a new position in shares of EchoStar in the fourth quarter valued at approximately $29,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of EchoStar in the third quarter valued at approximately $38,000. Institutional investors and hedge funds own 33.62% of the company’s stock.

About EchoStar

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.