EchoStar Co. (NASDAQ:SATS - Get Free Report)'s share price gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $21.99, but opened at $23.27. EchoStar shares last traded at $23.01, with a volume of 297,812 shares.
Specifically, Chairman Charles W. Ergen bought 1,551,355 shares of the stock in a transaction on Tuesday, November 12th. The shares were bought at an average price of $28.04 per share, with a total value of $43,499,994.20. Following the purchase, the chairman now directly owns 1,551,355 shares in the company, valued at $43,499,994.20. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
SATS has been the topic of several research reports. StockNews.com raised shares of EchoStar to a "sell" rating in a research note on Saturday, November 9th. Raymond James lowered shares of EchoStar from a "strong-buy" rating to a "market perform" rating in a research note on Tuesday, October 1st. UBS Group increased their price target on EchoStar from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, August 13th. Morgan Stanley boosted their price objective on EchoStar from $14.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Friday, September 13th. Finally, TD Cowen cut their target price on EchoStar from $37.00 to $30.00 and set a "buy" rating for the company in a research note on Wednesday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, EchoStar presently has a consensus rating of "Hold" and an average target price of $19.25.
Read Our Latest Stock Report on SATS
The company has a current ratio of 0.67, a quick ratio of 0.32 and a debt-to-equity ratio of 1.11. The company's 50-day moving average price is $24.79 and its 200 day moving average price is $20.54.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in shares of EchoStar by 125.3% in the 2nd quarter. GAMMA Investing LLC now owns 1,442 shares of the communications equipment provider's stock valued at $26,000 after acquiring an additional 802 shares during the period. Hexagon Capital Partners LLC raised its position in EchoStar by 694.8% in the second quarter. Hexagon Capital Partners LLC now owns 1,677 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 1,466 shares during the period. Nisa Investment Advisors LLC lifted its stake in EchoStar by 122.9% during the second quarter. Nisa Investment Advisors LLC now owns 4,199 shares of the communications equipment provider's stock worth $75,000 after purchasing an additional 2,315 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in shares of EchoStar during the second quarter worth $89,000. Finally, SG Americas Securities LLC acquired a new stake in shares of EchoStar in the third quarter valued at $165,000. Hedge funds and other institutional investors own 33.62% of the company's stock.
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.
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