EchoStar (NASDAQ:SATS) Stock Price Up 3.8% – Here’s Why

EchoStar Co. (NASDAQ:SATS) traded up 3.8% during mid-day trading on Wednesday . The stock traded as high as $23.84 and last traded at $23.60. 264,965 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 1,207,171 shares. The stock had previously closed at $22.73.

Analyst Ratings Changes

Several analysts have recently commented on SATS shares. StockNews.com upgraded EchoStar to a “sell” rating in a report on Saturday, November 9th. Morgan Stanley initiated coverage on EchoStar in a report on Monday, December 16th. They issued an “equal weight” rating and a $25.00 price target for the company. Raymond James downgraded shares of EchoStar from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Finally, TD Cowen dropped their target price on shares of EchoStar from $37.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $20.50.

EchoStar Trading Up 3.5 %

The firm has a market cap of $6.39 billion, a price-to-earnings ratio of -2.57 and a beta of 0.70. The company has a fifty day moving average price of $23.78 and a 200-day moving average price of $22.16. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 1.11.

Insider Transactions at EchoStar

In related news, Chairman Charles W. Ergen bought 1,551,355 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were acquired at an average price of $28.04 per share, for a total transaction of $43,499,994.20. Following the completion of the transaction, the chairman now directly owns 1,551,355 shares in the company, valued at $43,499,994.20. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 55.90% of the company’s stock.

Institutional Investors Weigh In On EchoStar

Several large investors have recently bought and sold shares of SATS. Natixis Advisors LLC increased its stake in shares of EchoStar by 24.4% in the 2nd quarter. Natixis Advisors LLC now owns 19,848 shares of the communications equipment provider’s stock worth $353,000 after acquiring an additional 3,893 shares during the last quarter. Rhumbline Advisers boosted its position in shares of EchoStar by 0.6% during the 2nd quarter. Rhumbline Advisers now owns 390,077 shares of the communications equipment provider’s stock worth $6,947,000 after purchasing an additional 2,445 shares during the period. Victory Capital Management Inc. increased its holdings in EchoStar by 68.0% in the 2nd quarter. Victory Capital Management Inc. now owns 42,141 shares of the communications equipment provider’s stock valued at $751,000 after purchasing an additional 17,053 shares during the last quarter. Arizona State Retirement System raised its position in EchoStar by 7.9% in the second quarter. Arizona State Retirement System now owns 35,316 shares of the communications equipment provider’s stock valued at $629,000 after purchasing an additional 2,597 shares during the period. Finally, Choreo LLC acquired a new position in EchoStar during the second quarter worth $186,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

About EchoStar

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.