TD Cowen Issues Positive Forecast for EchoStar (NASDAQ:SATS) Stock Price

EchoStar (NASDAQ:SATS) had its price objective raised by TD Cowen from $28.00 to $67.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the communications equipment provider’s stock.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft upped their target price on EchoStar from $43.00 to $67.00 and gave the company a “buy” rating in a report on Wednesday. Citigroup upped their target price on EchoStar from $27.00 to $28.50 and gave the company a “neutral” rating in a report on Monday, June 23rd. Finally, Cowen reiterated a “buy” rating on shares of EchoStar in a report on Wednesday. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $49.90.

EchoStar Stock Performance

Shares of SATS stock opened at $58.76 on Wednesday. The business’s 50 day simple moving average is $29.64 and its 200 day simple moving average is $25.92. EchoStar has a one year low of $14.90 and a one year high of $59.64. The stock has a market capitalization of $16.91 billion, a PE ratio of -55.96 and a beta of 0.94. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.22 and a quick ratio of 1.15.

EchoStar (NASDAQ:SATS) last announced its earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) EPS for the quarter, beating the consensus estimate of ($1.12) by $0.06. EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.The business had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.80 billion. During the same period in the prior year, the business posted ($0.76) earnings per share. The firm’s revenue was down 5.8% on a year-over-year basis. As a group, research analysts forecast that EchoStar will post -1.99 earnings per share for the current year.

Hedge Funds Weigh In On EchoStar

A number of institutional investors have recently modified their holdings of the company. Thrivent Financial for Lutherans raised its position in shares of EchoStar by 11.5% during the second quarter. Thrivent Financial for Lutherans now owns 31,594 shares of the communications equipment provider’s stock worth $875,000 after purchasing an additional 3,266 shares during the period. Marex Group plc acquired a new position in shares of EchoStar during the second quarter worth approximately $947,000. CANADA LIFE ASSURANCE Co raised its position in shares of EchoStar by 5.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 103,871 shares of the communications equipment provider’s stock worth $2,878,000 after purchasing an additional 5,339 shares during the period. Tower Research Capital LLC TRC raised its position in shares of EchoStar by 23.8% during the second quarter. Tower Research Capital LLC TRC now owns 14,815 shares of the communications equipment provider’s stock worth $410,000 after purchasing an additional 2,850 shares during the period. Finally, Captrust Financial Advisors raised its position in shares of EchoStar by 7.1% during the second quarter. Captrust Financial Advisors now owns 14,839 shares of the communications equipment provider’s stock worth $411,000 after purchasing an additional 978 shares during the period. 33.62% of the stock is owned by institutional investors and hedge funds.

EchoStar Company Profile

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.