Echostar (NASDAQ:ECHO) Stock Gets Price Target Reduction from Morgan Stanley

Echostar (NASDAQ:ECHO) had its price target cut by Morgan Stanley from $134.00 to $132.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

ECHO has been the subject of a number of other research reports. Citigroup reduced their price target on Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. UBS Group upgraded Echostar from a “neutral” rating to a “buy” rating and increased their price target for the stock from $127.00 to $150.00 in a research report on Tuesday, September 8th. TD Cowen dropped their price objective on Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. Zacks Research upgraded Echostar from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $137.00 target price on shares of Echostar in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $139.44.

Echostar Stock Up 5.2%

Shares of ECHO stock traded up $4.70 on Wednesday, hitting $94.62. The company had a trading volume of 4,398,858 shares, compared to its average volume of 4,326,460. The stock has a market capitalization of $27.49 billion, a price-to-earnings ratio of -3.80 and a beta of 1.06. The company’s 50-day simple moving average is $92.00. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13. Echostar has a twelve month low of $65.76 and a twelve month high of $147.25.

Echostar (NASDAQ:ECHO) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $7.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.07 by $4.90. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $3.00 million. Equities research analysts expect that Echostar will post -0.27 EPS for the current year.

Insider Buying and Selling at Echostar

In related news, Director William Wade sold 2,575 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total transaction of $238,573.75. Following the completion of the transaction, the director owned 2,749 shares in the company, valued at $254,694.85. This represents a 48.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 54.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Echostar

Several institutional investors have recently bought and sold shares of ECHO. Aberdeen Group plc raised its holdings in shares of Echostar by 172.9% during the third quarter. Aberdeen Group plc now owns 19,970 shares of the company’s stock valued at $1,786,000 after acquiring an additional 12,653 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Echostar by 39.2% in the third quarter. Allworth Financial LP now owns 934 shares of the company’s stock worth $84,000 after acquiring an additional 263 shares during the last quarter. Eurizon Capital SGR S.p.A. boosted its stake in shares of Echostar by 11.7% in the third quarter. Eurizon Capital SGR S.p.A. now owns 12,467 shares of the company’s stock worth $1,115,000 after acquiring an additional 1,305 shares during the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. boosted its stake in shares of Echostar by 29.2% in the third quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 704 shares of the company’s stock worth $63,000 after acquiring an additional 159 shares during the last quarter. Finally, Maryland State Retirement & Pension System increased its position in shares of Echostar by 13.0% during the third quarter. Maryland State Retirement & Pension System now owns 8,354 shares of the company’s stock worth $747,000 after purchasing an additional 962 shares in the last quarter. 33.62% of the stock is currently owned by institutional investors and hedge funds.

About Echostar

EchoStar Corporation is a communications and connectivity company whose businesses span satellite broadband, enterprise and government communications, pay-TV and wireless services. Its offerings include satellite-based internet and network solutions through Hughes Network Systems, along with consumer and business connectivity services.

The company also provides video entertainment through DISH TV and Sling TV, and wireless services under the Boost Mobile brand. EchoStar serves customers in the United States and, through its satellite and communications operations, in international markets.

Founded by Charlie Ergen in 1980, EchoStar initially focused on satellite technology and services.