EchoStar (NASDAQ:SATS) Stock Passes Above 200 Day Moving Average – Here’s Why

Shares of EchoStar Co. (NASDAQ:SATS) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $22.58 and traded as high as $27.02. EchoStar shares last traded at $27.00, with a volume of 2,312,934 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SATS. Raymond James lowered EchoStar from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. Morgan Stanley initiated coverage on EchoStar in a report on Monday, December 16th. They issued an “equal weight” rating and a $25.00 price objective for the company. TD Cowen lowered their target price on shares of EchoStar from $37.00 to $30.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. StockNews.com upgraded EchoStar to a “sell” rating in a research note on Saturday, November 9th. Finally, UBS Group raised their target price on shares of EchoStar from $15.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, January 13th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $23.75.

EchoStar Stock Performance

The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 1.11. The stock has a market cap of $7.34 billion, a P/E ratio of -2.95 and a beta of 0.70. The stock has a 50 day simple moving average of $23.60 and a 200 day simple moving average of $22.58.

Insiders Place Their Bets

In related news, Chairman Charles W. Ergen bought 1,551,355 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were purchased at an average price of $28.04 per share, for a total transaction of $43,499,994.20. Following the completion of the transaction, the chairman now directly owns 1,551,355 shares of the company’s stock, valued at approximately $43,499,994.20. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 55.90% of the company’s stock.

Institutional Trading of EchoStar

Several institutional investors have recently modified their holdings of SATS. Darsana Capital Partners LP acquired a new stake in shares of EchoStar during the second quarter worth $36,908,000. Stonehill Capital Management LLC acquired a new position in EchoStar during the 3rd quarter valued at about $9,235,000. Monarch Alternative Capital LP grew its holdings in EchoStar by 23.6% during the second quarter. Monarch Alternative Capital LP now owns 1,854,000 shares of the communications equipment provider’s stock worth $33,020,000 after buying an additional 354,000 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in shares of EchoStar in the second quarter valued at about $1,830,000. Finally, Algert Global LLC lifted its position in shares of EchoStar by 430.1% during the 2nd quarter. Algert Global LLC now owns 86,147 shares of the communications equipment provider’s stock worth $1,534,000 after buying an additional 69,897 shares in the last quarter. Institutional investors own 33.62% of the company’s stock.

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.