ProShare Advisors LLC Lowers Stock Position in EchoStar Co. (NASDAQ:SATS)

ProShare Advisors LLC lowered its stake in shares of EchoStar Co. (NASDAQ:SATS) by 23.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,716 shares of the communications equipment provider’s stock after selling 5,804 shares during the quarter. ProShare Advisors LLC’s holdings in EchoStar were worth $333,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Ensign Peak Advisors Inc bought a new position in EchoStar during the second quarter valued at about $833,000. Thrivent Financial for Lutherans grew its position in EchoStar by 11.0% during the second quarter. Thrivent Financial for Lutherans now owns 116,034 shares of the communications equipment provider’s stock valued at $2,067,000 after buying an additional 11,537 shares during the period. XTX Topco Ltd bought a new position in EchoStar during the second quarter valued at about $183,000. American Century Companies Inc. grew its position in EchoStar by 51.5% during the second quarter. American Century Companies Inc. now owns 2,243,761 shares of the communications equipment provider’s stock valued at $39,961,000 after buying an additional 762,462 shares during the period. Finally, State of New Jersey Common Pension Fund D bought a new position in EchoStar during the second quarter valued at about $1,830,000. Institutional investors own 33.62% of the company’s stock.

EchoStar Price Performance

SATS stock opened at $24.36 on Thursday. The firm has a 50 day moving average of $20.93 and a 200-day moving average of $18.21. The company has a current ratio of 0.40, a quick ratio of 0.32 and a debt-to-equity ratio of 1.00. EchoStar Co. has a 12 month low of $9.53 and a 12 month high of $30.08. The firm has a market capitalization of $6.62 billion, a P/E ratio of -3.18 and a beta of 0.70.

EchoStar (NASDAQ:SATS) last released its quarterly earnings data on Friday, August 9th. The communications equipment provider reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.39). The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.98 billion. EchoStar had a negative net margin of 18.65% and a positive return on equity of 0.18%. EchoStar’s revenue was down 9.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 earnings per share. As a group, sell-side analysts predict that EchoStar Co. will post -1.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on SATS shares. TD Cowen reduced their price target on shares of EchoStar from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Monday, August 12th. UBS Group increased their target price on shares of EchoStar from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Morgan Stanley increased their target price on shares of EchoStar from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th. StockNews.com upgraded shares of EchoStar to a “sell” rating in a research report on Tuesday, July 30th. Finally, Raymond James lowered shares of EchoStar from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, EchoStar currently has an average rating of “Hold” and a consensus target price of $23.00.

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.