EchoStar (NASDAQ:SATS) Shares Gap Up - Here's Why

EchoStar Co. (NASDAQ:SATS - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $16.84, but opened at $24.27. EchoStar shares last traded at $24.74, with a volume of 3,862,034 shares.

EchoStar Stock Up 49.1%

The business's 50 day moving average is $21.15 and its 200 day moving average is $24.23. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.61 and a current ratio of 0.67. The stock has a market cap of $7.22 billion, a price-to-earnings ratio of -2.74 and a beta of 0.74.

EchoStar (NASDAQ:SATS - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The communications equipment provider reported ($0.71) EPS for the quarter, topping analysts' consensus estimates of ($0.90) by $0.19. EchoStar had a negative net margin of 15.51% and a negative return on equity of 0.64%. The firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the business posted ($0.40) EPS. The company's revenue was down 3.6% on a year-over-year basis. Equities analysts expect that EchoStar Co. will post -1.99 earnings per share for the current year.

Hedge Funds Weigh In On EchoStar

Hedge funds have recently modified their holdings of the stock. FIL Ltd increased its position in EchoStar by 139.9% during the fourth quarter. FIL Ltd now owns 601,250 shares of the communications equipment provider's stock worth $13,769,000 after buying an additional 350,650 shares during the last quarter. Rhumbline Advisers raised its stake in shares of EchoStar by 4.7% in the first 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 during the last quarter. Nebula Research & Development LLC raised its stake in shares of EchoStar by 88.7% in the fourth quarter. Nebula Research & Development LLC now owns 41,673 shares of the communications equipment provider's stock valued at $954,000 after acquiring an additional 19,590 shares during the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of EchoStar by 30.8% in the fourth quarter. Illinois Municipal Retirement Fund now owns 69,076 shares of the communications equipment provider's stock valued at $1,582,000 after acquiring an additional 16,253 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of EchoStar by 3,470.8% in the first quarter. GAMMA Investing LLC now owns 88,021 shares of the communications equipment provider's stock valued at $2,252,000 after acquiring an additional 85,556 shares during the last quarter. 33.62% of the stock is owned by institutional investors and hedge funds.

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.