EchoStar (NASDAQ:SATS) Shares Up 6.9% - Here's What Happened

Key Points

• EchoStar's stock saw a significant increase of 6.9% in mid-day trading, reaching a price of $31.53, although the trading volume was down substantially compared to its average.
• Analysts from Citigroup raised their price target for EchoStar from $27.00 to $28.50 and rated it as "neutral," indicating divided sentiments among analysts, with a consensus rating of "Hold".
• EchoStar reported a net loss of $0.71 earnings per share for the previous quarter, but surpassed analysts' expectations, despite a year-over-year revenue decline of 3.6%.

EchoStar Corporation (NASDAQ:SATS - Get Free Report)'s stock price shot up 6.9% during mid-day trading on Wednesday . The company traded as high as $30.80 and last traded at $31.53. 312,001 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 2,890,073 shares. The stock had previously closed at $29.51.

Analysts Set New Price Targets

Separately, Citigroup raised their target price on EchoStar from $27.00 to $28.50 and gave the company a "neutral" rating in a research report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $24.70.

EchoStar Price Performance

The company has a current ratio of 1.26, a quick ratio of 1.19 and a debt-to-equity ratio of 1.26. The business's fifty day moving average is $25.44 and its 200 day moving average is $25.50. The company has a market cap of $7.74 billion, a P/E ratio of -35.91 and a beta of 0.90.

EchoStar (NASDAQ:SATS - Get Free Report) last issued its quarterly earnings results on Friday, August 8th. The communications equipment provider reported ($1.06) EPS for the quarter, beating analysts' consensus estimates of ($1.07) by $0.01. The firm had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.80 billion. EchoStar had a negative return on equity of 1.08% and a negative net margin of 1.37%. The business's revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.76) EPS. As a group, sell-side analysts anticipate that EchoStar Corporation will post -1.99 EPS for the current year.

Hedge Funds Weigh In On EchoStar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SATS. Farther Finance Advisors LLC boosted its holdings in EchoStar by 8,125.0% in the 1st quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock worth $25,000 after buying an additional 975 shares during the period. State of Wyoming bought a new position in shares of EchoStar in the fourth quarter worth $47,000. Fifth Third Bancorp grew its position in shares of EchoStar by 44.5% in the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock valued at $47,000 after purchasing an additional 567 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of EchoStar by 39.6% during the 1st quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock valued at $88,000 after purchasing an additional 976 shares during the period. Finally, Brooklyn Investment Group lifted its holdings in EchoStar by 70,980.0% during the 1st quarter. Brooklyn Investment Group now owns 3,554 shares of the communications equipment provider's stock worth $91,000 after purchasing an additional 3,549 shares in the last quarter. Institutional investors 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.