Shares of Echostar Co. (NASDAQ:SATS) were down 16.6% during mid-day trading on Wednesday . The stock traded as low as $37.03 and last traded at $38.35, approximately 1,088,216 shares traded hands during mid-day trading. An increase of 163% from the average daily volume of 413,196 shares. The stock had previously closed at $46.01.

SATS has been the subject of several research reports. Daiwa Capital Markets lowered Echostar from an “outperform” rating to a “neutral” rating in a research note on Friday, May 17th. Raymond James reissued a “strong-buy” rating and set a $61.00 target price (down previously from $68.00) on shares of Echostar in a report on Wednesday. BidaskClub upgraded Echostar from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Finally, Zacks Investment Research raised Echostar from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $54.67.

The company has a debt-to-equity ratio of 0.62, a quick ratio of 5.94 and a current ratio of 6.10. The firm’s 50 day simple moving average is $42.18 and its 200-day simple moving average is $41.25. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 100.92 and a beta of 0.79.

Echostar (NASDAQ:SATS) last released its earnings results on Thursday, August 8th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.17). The business had revenue of $537.12 million for the quarter, compared to analysts’ expectations of $538.80 million. Echostar had a positive return on equity of 0.46% and a negative net margin of 4.09%. Echostar’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.80 EPS. As a group, sell-side analysts expect that Echostar Co. will post 1.01 EPS for the current fiscal year.

In related news, CEO Michael T. Dugan sold 100,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.07, for a total transaction of $3,907,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 52.00% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in SATS. Point72 Hong Kong Ltd purchased a new position in Echostar in the 2nd quarter worth approximately $92,000. Ashburton Jersey Ltd acquired a new stake in shares of Echostar in the second quarter valued at approximately $107,000. Convergence Investment Partners LLC acquired a new stake in shares of Echostar in the second quarter valued at approximately $116,000. Silvercrest Asset Management Group LLC acquired a new stake in shares of Echostar in the second quarter valued at approximately $203,000. Finally, Quantamental Technologies LLC lifted its position in Echostar by 58.4% during the second quarter. Quantamental Technologies LLC now owns 4,880 shares of the communications equipment provider’s stock worth $216,000 after buying an additional 1,799 shares in the last quarter. Institutional investors own 45.49% of the company’s stock.

About Echostar (NASDAQ:SATS)

EchoStar Corporation, together with its subsidiaries, provides broadband satellite technologies and broadband Internet services for home and small office customers, satellite operations, and satellite services 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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