TD Cowen Has Lowered Expectations for EchoStar (NASDAQ:SATS) Stock Price

EchoStar (NASDAQ:SATS) had its target price dropped by equities researchers at TD Cowen from $37.00 to $30.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the communications equipment provider’s stock. TD Cowen’s price objective would suggest a potential upside of 36.43% from the stock’s current price.

A number of other brokerages have also recently issued reports on SATS. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $12.00 price objective on shares of EchoStar in a research note on Monday, August 12th. Raymond James lowered EchoStar from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. UBS Group upped their price objective on EchoStar from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Morgan Stanley lifted their target price on EchoStar from $14.00 to $20.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th. Finally, StockNews.com raised shares of EchoStar to a “sell” rating in a report on Saturday, November 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, EchoStar currently has a consensus rating of “Hold” and a consensus price target of $19.25.

EchoStar Trading Up 2.2 %

SATS stock opened at $21.99 on Wednesday. EchoStar has a 52 week low of $9.53 and a 52 week high of $30.08. The business has a 50-day simple moving average of $24.79 and a 200 day simple moving average of $20.54. The company has a quick ratio of 0.32, a current ratio of 0.67 and a debt-to-equity ratio of 1.11.

Insider Activity at EchoStar

In other EchoStar news, Chairman Charles W. Ergen bought 1,551,355 shares of EchoStar stock in a transaction on Tuesday, November 12th. The shares were purchased at an average cost of $28.04 per share, with a total value of $43,499,994.20. Following the acquisition, the chairman now directly owns 1,551,355 shares of the company’s stock, valued at $43,499,994.20. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 55.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EchoStar

Several institutional investors and hedge funds have recently made changes to their positions in SATS. Darsana Capital Partners LP boosted its holdings in EchoStar by 44.8% in the third quarter. Darsana Capital Partners LP now owns 3,000,000 shares of the communications equipment provider’s stock valued at $74,460,000 after acquiring an additional 927,695 shares during the last quarter. Verition Fund Management LLC lifted its position in shares of EchoStar by 69.5% in the 3rd quarter. Verition Fund Management LLC now owns 28,254 shares of the communications equipment provider’s stock worth $701,000 after purchasing an additional 11,586 shares during the period. Captrust Financial Advisors boosted its stake in shares of EchoStar by 3.7% in the 3rd quarter. Captrust Financial Advisors now owns 21,589 shares of the communications equipment provider’s stock valued at $536,000 after purchasing an additional 772 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of EchoStar during the third quarter worth $383,000. Finally, Citigroup Inc. raised its stake in EchoStar by 32.7% during the third quarter. Citigroup Inc. now owns 164,534 shares of the communications equipment provider’s stock worth $4,084,000 after buying an additional 40,533 shares during the last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.

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.