State of Michigan Retirement System purchased a new stake in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 28,900 shares of the communications equipment provider's stock, valued at approximately $739,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Farther Finance Advisors LLC boosted its stake in shares of 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 last quarter. State of Wyoming purchased a new position in shares of EchoStar in the 4th quarter worth approximately $47,000. Fifth Third Bancorp boosted its stake in shares of EchoStar by 44.5% in the 1st quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock worth $47,000 after buying an additional 567 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of EchoStar by 39.6% in the 1st quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock worth $88,000 after buying an additional 976 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of EchoStar by 8,906.7% in the 4th quarter. Quarry LP now owns 4,053 shares of the communications equipment provider's stock worth $93,000 after buying an additional 4,008 shares during the last quarter. Hedge funds and other institutional investors own 33.62% of the company's stock.
EchoStar Price Performance
EchoStar stock opened at $29.60 on Wednesday. EchoStar Corporation has a 12 month low of $14.79 and a 12 month high of $33.04. 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 50 day simple moving average is $23.51 and its 200 day simple moving average is $24.93. The company has a market cap of $8.51 billion, a price-to-earnings ratio of -39.47 and a beta of 0.90.
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, beating the consensus estimate of ($0.90) by $0.19. EchoStar had a negative return on equity of 1.08% and a negative net margin of 1.37%. The business had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the business earned ($0.40) earnings per share. EchoStar's revenue for the quarter was down 3.6% on a year-over-year basis. Sell-side analysts forecast that EchoStar Corporation will post -1.99 EPS for the current year.
Analyst Upgrades and Downgrades
Separately, Citigroup boosted their target price on EchoStar from $27.00 to $28.50 and gave the stock a "neutral" rating in a research note on Monday, June 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $24.70.
Check Out Our Latest Stock Report on EchoStar
EchoStar Profile
(
Free Report)
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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