Salem Investment Counselors Inc. Grows Stake in EchoStar Co. (NASDAQ:SATS)

Salem Investment Counselors Inc. boosted its holdings in shares of EchoStar Co. (NASDAQ:SATS) by 17.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 28,924 shares of the communications equipment provider’s stock after buying an additional 4,379 shares during the period. Salem Investment Counselors Inc.’s holdings in EchoStar were worth $412,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of EchoStar in the 4th quarter worth about $41,000. Quest Partners LLC purchased a new stake in EchoStar in the fourth quarter worth approximately $42,000. New York State Teachers Retirement System bought a new position in EchoStar during the fourth quarter valued at approximately $126,000. Gladius Capital Management LP purchased a new position in shares of EchoStar during the fourth quarter worth approximately $134,000. Finally, Xponance Inc. purchased a new position in shares of EchoStar during the fourth quarter worth approximately $188,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SATS has been the subject of several analyst reports. UBS Group upped their price target on shares of EchoStar from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday, March 5th. TD Cowen dropped their price objective on EchoStar from $39.00 to $38.00 and set an “outperform” rating for the company in a research note on Monday, March 4th. StockNews.com upgraded shares of EchoStar to a “sell” rating in a research report on Tuesday, May 28th. Finally, Morgan Stanley dropped their price target on EchoStar from $14.25 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $23.00.

EchoStar Stock Down 0.1 %

SATS stock traded down $0.01 on Friday, reaching $17.20. 3,701,975 shares of the company traded hands, compared to its average volume of 1,057,149. The firm has a fifty day simple moving average of $17.10 and a 200-day simple moving average of $15.04. The company has a market cap of $4.67 billion, a P/E ratio of -2.23 and a beta of 0.72. EchoStar Co. has a one year low of $9.53 and a one year high of $24.80. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.44 and a quick ratio of 0.35.

EchoStar (NASDAQ:SATS) last announced its quarterly earnings results on Wednesday, May 8th. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.23). The firm had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $4.07 billion. EchoStar had a positive return on equity of 2.26% and a negative net margin of 23.47%. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 EPS. Research analysts anticipate that EchoStar Co. will post -1.5 earnings per share for the current year.

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.