Echostar (SATS) Upgraded by Zacks Investment Research to Buy

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Zacks Investment Research upgraded shares of Echostar (NASDAQ:SATS) from a hold rating to a buy rating in a research report released on Saturday. They currently have $44.00 price target on the communications equipment provider’s stock.

According to Zacks, “EchoStar is a global provider of satellite service operations, video delivery services, broadband satellite technologies and broadband internet services for home and small office customers. They also deliver innovative network technologies, managed services, and various communications solutions for aeronautical, enterprise and government customers. “

A number of other analysts have also issued reports on SATS. BidaskClub raised shares of Echostar from a strong sell rating to a sell rating in a research note on Friday, November 2nd. Citigroup lowered their target price on shares of Echostar from $72.00 to $67.00 and set a buy rating for the company in a research note on Monday, December 17th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $55.50.

NASDAQ SATS traded up $0.54 on Friday, hitting $39.50. 799,549 shares of the stock were exchanged, compared to its average volume of 273,188. The company has a quick ratio of 2.65, a current ratio of 2.70 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 47.02 and a beta of 0.93. Echostar has a 52-week low of $33.58 and a 52-week high of $62.29.

Echostar (NASDAQ:SATS) last posted its quarterly earnings data on Thursday, November 8th. The communications equipment provider reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02. The company had revenue of $533.00 million during the quarter, compared to analyst estimates of $554.60 million. Echostar had a net margin of 18.63% and a return on equity of 1.10%. Echostar’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 earnings per share. Equities research analysts anticipate that Echostar will post 0.51 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in SATS. Vanguard Group Inc raised its holdings in shares of Echostar by 24.1% in the third quarter. Vanguard Group Inc now owns 4,213,613 shares of the communications equipment provider’s stock valued at $195,386,000 after acquiring an additional 817,044 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Echostar by 24.1% in the third quarter. Vanguard Group Inc. now owns 4,213,613 shares of the communications equipment provider’s stock valued at $195,386,000 after acquiring an additional 817,044 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Echostar by 230.5% in the second quarter. Millennium Management LLC now owns 777,448 shares of the communications equipment provider’s stock valued at $34,519,000 after acquiring an additional 542,193 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Echostar by 344.1% in the second quarter. Bank of America Corp DE now owns 591,299 shares of the communications equipment provider’s stock valued at $26,253,000 after acquiring an additional 458,153 shares in the last quarter. Finally, Rubric Capital Management LP bought a new stake in shares of Echostar in the third quarter valued at about $14,375,000. Hedge funds and other institutional investors own 47.38% of the company’s stock.

About Echostar

EchoStar Corporation provides satellite service operations and video delivery solutions worldwide. It operates in two segments, Hughes and EchoStar Satellite Services. The Hughes segments offers broadband satellite technologies and Internet services for home and small office customers; and broadband network technologies, managed services, equipment, hardware, satellite services, and communication solutions for aeronautical, enterprise, and government customers, as well as consumers.

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