EchoStar (NASDAQ:SATS) Shares Gap Down – What’s Next?

EchoStar Co. (NASDAQ:SATS)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $23.01, but opened at $22.51. EchoStar shares last traded at $23.17, with a volume of 49,650 shares changing hands.

Analyst Ratings Changes

SATS has been the topic of a number of analyst reports. Raymond James lowered EchoStar from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. Morgan Stanley assumed coverage on EchoStar in a report on Monday, December 16th. They set an “equal weight” rating and a $25.00 price objective on the stock. TD Cowen cut their target price on EchoStar from $37.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, StockNews.com raised shares of EchoStar to a “sell” rating in a research report on Saturday, November 9th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $20.50.

EchoStar Trading Down 0.5 %

The company has a market cap of $6.23 billion, a P/E ratio of -2.50 and a beta of 0.69. The business has a fifty day simple moving average of $23.95 and a 200 day simple moving average of $21.96. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.61 and a current ratio of 0.67.

Insiders Place Their Bets

In related news, Chairman Charles W. Ergen bought 1,551,355 shares of the stock in a transaction dated Tuesday, November 12th. The stock was bought at an average cost of $28.04 per share, with a total value of $43,499,994.20. Following the completion of the acquisition, the chairman now owns 1,551,355 shares of the company’s stock, valued at $43,499,994.20. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 55.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in EchoStar by 54.7% in the 3rd quarter. GAMMA Investing LLC now owns 2,231 shares of the communications equipment provider’s stock worth $55,000 after purchasing an additional 789 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in shares of EchoStar during the second quarter worth approximately $89,000. SG Americas Securities LLC bought a new position in EchoStar in the 3rd quarter worth approximately $165,000. XTX Topco Ltd acquired a new stake in EchoStar in the 2nd quarter valued at approximately $183,000. Finally, Choreo LLC acquired a new stake in EchoStar in the 2nd quarter valued at approximately $186,000. 33.62% of the stock is currently owned by institutional investors.

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.