EchoStar (NASDAQ:SATS) Trading Down 6.8% - Here's What Happened

EchoStar Co. (NASDAQ:SATS - Get Free Report) dropped 6.8% during mid-day trading on Friday . The stock traded as low as $17.05 and last traded at $16.85. Approximately 1,763,595 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 2,062,271 shares. The stock had previously closed at $18.08.

EchoStar Trading Down 6.9%

The business has a 50 day moving average of $21.06 and a 200 day moving average of $24.23. The firm has a market capitalization of $4.84 billion, a price-to-earnings ratio of -1.84 and a beta of 0.75. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.61.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.90) by $0.19. EchoStar had a negative return on equity of 0.64% and a negative net margin of 15.51%. The firm had revenue of $3.87 billion during the quarter, compared to analysts' expectations of $3.87 billion. During the same period in the previous year, the firm earned ($0.40) earnings per share. The company's revenue was down 3.6% on a year-over-year basis. As a group, research analysts predict that EchoStar Co. will post -1.99 earnings per share for the current fiscal year.

Institutional Trading of EchoStar

A number of large investors have recently added to or reduced their stakes in the company. Diameter Capital Partners LP raised its holdings in EchoStar by 523.7% in the 4th quarter. Diameter Capital Partners LP now owns 5,026,823 shares of the communications equipment provider's stock valued at $115,114,000 after acquiring an additional 4,220,853 shares during the period. Darsana Capital Partners LP lifted its holdings in shares of EchoStar by 133.3% during the fourth quarter. Darsana Capital Partners LP now owns 7,000,000 shares of the communications equipment provider's stock worth $160,300,000 after buying an additional 4,000,000 shares in the last quarter. Deutsche Bank AG grew its stake in shares of EchoStar by 325.3% in the fourth quarter. Deutsche Bank AG now owns 940,950 shares of the communications equipment provider's stock valued at $21,548,000 after acquiring an additional 719,685 shares in the last quarter. Invesco Ltd. raised its stake in EchoStar by 26.0% in the 4th quarter. Invesco Ltd. now owns 2,301,367 shares of the communications equipment provider's stock worth $52,701,000 after purchasing an additional 474,313 shares in the last quarter. Finally, FIL Ltd grew its position in shares of EchoStar by 139.9% during the 4th quarter. FIL Ltd now owns 601,250 shares of the communications equipment provider's stock worth $13,769,000 after purchasing an additional 350,650 shares in the last quarter. Institutional investors and hedge funds own 33.62% of the company's stock.

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.