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

EchoStar (NASDAQ:SATS) had its price target lifted by investment analysts at Citigroup from $27.00 to $28.50 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the communications equipment provider’s stock. Citigroup’s price target points to a potential upside of 13.10% from the stock’s previous close.

EchoStar Price Performance

SATS stock traded up $0.08 during mid-day trading on Monday, reaching $25.20. 1,163,997 shares of the company traded hands, compared to its average volume of 2,182,851. EchoStar has a 52-week low of $14.79 and a 52-week high of $32.48. The company has a market capitalization of $7.24 billion, a P/E ratio of -33.60 and a beta of 0.75. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.26 and a quick ratio of 1.19. The company has a fifty day moving average price of $21.30 and a 200-day moving average price of $24.24.

EchoStar (NASDAQ:SATS) last issued its quarterly earnings data on Friday, May 9th. The communications equipment provider reported ($0.71) EPS for the quarter, beating the consensus estimate of ($0.90) by $0.19. EchoStar had a negative net margin of 1.37% and a negative return on equity of 1.08%. The company had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the company earned ($0.40) earnings per share. EchoStar’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, analysts anticipate that EchoStar will post -1.99 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SATS. Farther Finance Advisors LLC lifted its position in EchoStar by 8,125.0% in the 1st quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider’s stock worth $25,000 after buying an additional 975 shares during the last quarter. Smartleaf Asset Management LLC raised its position in EchoStar by 251.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,609 shares of the communications equipment provider’s stock worth $37,000 after purchasing an additional 1,151 shares during the period. State of Wyoming purchased a new stake in EchoStar during the fourth quarter valued at about $47,000. Fifth Third Bancorp grew its stake in shares of EchoStar by 44.5% during the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider’s stock valued at $47,000 after buying an additional 567 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of EchoStar by 39.6% in the 1st quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider’s stock valued at $88,000 after acquiring an additional 976 shares during the last quarter. Hedge funds and other institutional investors 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.