EchoStar (NASDAQ:SATS) Shares Gap Down - What's Next?

Shares of EchoStar Co. (NASDAQ:SATS - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $23.01, but opened at $22.51. EchoStar shares last traded at $23.17, with a volume of 49,650 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. TD Cowen decreased their target price on shares of EchoStar from $37.00 to $30.00 and set a "buy" rating for the company in a research report on Wednesday, November 13th. Raymond James cut shares of EchoStar from a "strong-buy" rating to a "market perform" rating in a research report on Tuesday, October 1st. Morgan Stanley initiated coverage on shares of EchoStar in a research report on Monday, December 16th. They issued an "equal weight" rating and a $25.00 price objective on the stock. Finally, StockNews.com upgraded shares of EchoStar to a "sell" rating in a research note on Saturday, November 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $20.50.

EchoStar Stock Down 0.5 %

The stock has a fifty day moving average price of $24.00 and a two-hundred day moving average price of $21.95. The company has a market cap of $6.23 billion, a price-to-earnings ratio of -2.50 and a beta of 0.69. The company has a quick ratio of 0.61, a current ratio of 0.67 and a debt-to-equity ratio of 1.11.

Insiders Place Their Bets

In related news, Chairman Charles W. Ergen purchased 1,551,355 shares of EchoStar stock in a transaction that occurred on Tuesday, November 12th. The shares were acquired at an average price of $28.04 per share, with a total value 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 $43,499,994.20. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 55.90% of the company's stock.

Institutional Trading of EchoStar

A number of institutional investors have recently modified their holdings of SATS. GAMMA Investing LLC raised its stake in EchoStar by 54.7% in the third quarter. GAMMA Investing LLC now owns 2,231 shares of the communications equipment provider's stock valued at $55,000 after purchasing an additional 789 shares in the last quarter. Gordian Capital Singapore Pte Ltd bought a new position in EchoStar in the 2nd quarter valued at about $89,000. SG Americas Securities LLC acquired a new position in shares of EchoStar in the 3rd quarter valued at approximately $165,000. XTX Topco Ltd bought a new stake in shares of EchoStar during the 2nd quarter worth approximately $183,000. Finally, Choreo LLC acquired a new stake in shares of EchoStar during the 2nd quarter worth approximately $186,000. 33.62% of the stock is currently owned by institutional investors.

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.