Citigroup Forecasts Strong Price Appreciation for EchoStar (NASDAQ:SATS) Stock

EchoStar (NASDAQ:SATS - Get Free Report) had its price objective hoisted by equities researchers at Citigroup from $27.00 to $28.50 in a report released on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the communications equipment provider's stock. Citigroup's price target suggests a potential upside of 13.10% from the stock's current price.

EchoStar Price Performance

SATS stock traded up $0.08 during midday trading on Monday, reaching $25.20. 1,163,997 shares of the stock were exchanged, compared to its average volume of 2,182,851. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.26 and a quick ratio of 1.19. The stock has a market capitalization of $7.24 billion, a PE ratio of -33.60 and a beta of 0.75. EchoStar has a 52 week low of $14.79 and a 52 week high of $32.48. The company has a fifty day moving average price of $21.30 and a 200 day moving average price of $24.24.

EchoStar (NASDAQ:SATS - Get Free Report) last posted its earnings results on Friday, May 9th. The communications equipment provider reported ($0.71) earnings per share for the quarter, topping analysts' consensus estimates of ($0.90) by $0.19. The firm had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.87 billion. EchoStar had a negative net margin of 1.37% and a negative return on equity of 1.08%. The company's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.40) EPS. As a group, analysts expect that EchoStar will post -1.99 EPS for the current fiscal year.

Hedge Funds Weigh In On EchoStar

Several hedge funds and other institutional investors have recently bought and sold shares of SATS. Inspire Investing LLC grew its holdings in EchoStar by 374.7% in the first quarter. Inspire Investing LLC now owns 83,540 shares of the communications equipment provider's stock worth $2,137,000 after purchasing an additional 65,941 shares during the period. Rhumbline Advisers lifted its position in EchoStar by 4.7% in the 1st quarter. Rhumbline Advisers now owns 391,985 shares of the communications equipment provider's stock valued at $10,027,000 after acquiring an additional 17,448 shares in the last quarter. Strs Ohio acquired a new position in EchoStar during the 1st quarter valued at about $128,000. Intech Investment Management LLC increased its holdings in EchoStar by 49.1% during the 1st quarter. Intech Investment Management LLC now owns 115,835 shares of the communications equipment provider's stock worth $2,963,000 after purchasing an additional 38,131 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of EchoStar by 8.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 331,476 shares of the communications equipment provider's stock worth $8,479,000 after purchasing an additional 24,749 shares during the last quarter. Institutional investors and hedge funds own 33.62% of the company's stock.

EchoStar Company Profile

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.

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