EchoStar (NASDAQ:SATS) Sees Unusually-High Trading Volume – Here’s What Happened

EchoStar Co. (NASDAQ:SATS) shares saw strong trading volume on Tuesday . 1,851,826 shares were traded during mid-day trading, an increase of 3% from the previous session’s volume of 1,806,441 shares.The stock last traded at $23.11 and had previously closed at $23.68.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley raised their price target on shares of EchoStar from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th. JPMorgan Chase & Co. restated an “underweight” rating and set a $12.00 price target on shares of EchoStar in a report on Monday, August 12th. TD Cowen lowered their price objective on shares of EchoStar from $37.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. StockNews.com upgraded EchoStar to a “sell” rating in a report on Saturday, November 9th. Finally, UBS Group increased their target price on EchoStar from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $19.25.

EchoStar Price Performance

The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.61. The firm’s 50-day moving average is $24.83 and its 200-day moving average is $20.70.

Insiders Place Their Bets

In other news, Chairman Charles W. Ergen acquired 1,551,355 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were purchased at an average cost of $28.04 per share, with a total value of $43,499,994.20. Following the acquisition, the chairman now directly owns 1,551,355 shares of the company’s stock, valued at $43,499,994.20. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 55.90% of the company’s stock.

Hedge Funds Weigh In On EchoStar

A number of hedge funds have recently bought and sold shares of SATS. Swiss National Bank raised its stake in shares of EchoStar by 247.2% during the 1st quarter. Swiss National Bank now owns 235,025 shares of the communications equipment provider’s stock worth $3,349,000 after purchasing an additional 167,325 shares during the period. Sei Investments Co. bought a new stake in shares of EchoStar during the 1st quarter worth $795,000. ProShare Advisors LLC bought a new stake in shares of EchoStar during the 1st quarter worth $349,000. State Board of Administration of Florida Retirement System bought a new stake in EchoStar in the 1st quarter valued at about $237,000. Finally, Vanguard Group Inc. raised its stake in EchoStar by 238.7% in the 1st quarter. Vanguard Group Inc. now owns 13,707,909 shares of the communications equipment provider’s stock valued at $195,338,000 after acquiring an additional 9,661,167 shares during the period. 33.62% of the stock is owned by hedge funds and other institutional investors.

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.