Zacks Investment Research downgraded shares of DISH Network (NASDAQ:DISH) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday, Zacks.com reports. They currently have $29.00 price objective on the stock.
According to Zacks, “DISH is witnessing subscriber loss in the Pay-TV business, primarily due to the coronavirus outbreak, stiff competition and cord-cutting. However, DISH’s focus on acquiring and retaining subscribers, who will be profitable over the long term, is expected to drive growth. Moreover, partnership with the likes of Qualcomm, Aviat, Everstream, Segra, Uniti, Zayo, Mavenir, Fujitsu, Altiostar, VMware, MATRIXX Software and Crown Castle for its standalone 5G network is a key catalyst. These initiatives bode well for DISH’s top-line growth in the long haul. Markedly, DISH entered the retail wireless market through the acquisition of Boost and Ting Mobile. Its efforts to shed unprofitable customers and make operational changes are expected to enhance profitability. Notably, shares have outperformed the industry in the past year.”
A number of other equities research analysts also recently weighed in on DISH. TheStreet downgraded shares of DISH Network from a b- rating to a c+ rating in a research note on Friday, December 10th. Morgan Stanley decreased their price target on shares of DISH Network from $50.00 to $40.00 and set an equal weight rating on the stock in a research note on Tuesday, November 30th. Pivotal Research lifted their price target on shares of DISH Network from $60.00 to $65.00 and gave the stock a buy rating in a research note on Friday, September 17th. Raymond James decreased their price target on shares of DISH Network from $56.00 to $52.00 and set a strong-buy rating on the stock in a research note on Friday, November 5th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of DISH Network from $77.00 to $71.00 and set a buy rating on the stock in a research note on Wednesday, November 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $47.63.
DISH Network (NASDAQ:DISH) last announced its earnings results on Thursday, November 4th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.01). DISH Network had a return on equity of 18.26% and a net margin of 14.40%. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.45 billion. During the same period last year, the firm posted $0.86 EPS. The company’s revenue was down 1.8% compared to the same quarter last year. Equities research analysts anticipate that DISH Network will post 3.77 EPS for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in DISH. Harvest Fund Management Co. Ltd bought a new position in shares of DISH Network in the second quarter valued at about $31,000. Clearstead Advisors LLC raised its holdings in shares of DISH Network by 236.6% in the third quarter. Clearstead Advisors LLC now owns 983 shares of the company’s stock valued at $43,000 after buying an additional 691 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of DISH Network by 95.6% in the third quarter. Van ECK Associates Corp now owns 1,029 shares of the company’s stock valued at $45,000 after buying an additional 503 shares during the last quarter. Berman Capital Advisors LLC raised its holdings in shares of DISH Network by 73.3% in the second quarter. Berman Capital Advisors LLC now owns 1,310 shares of the company’s stock valued at $54,000 after buying an additional 554 shares during the last quarter. Finally, FORA Capital LLC bought a new position in shares of DISH Network in the second quarter valued at about $74,000. 99.30% of the stock is owned by institutional investors and hedge funds.
About DISH Network
DISH Network Corp. is a holding company, which engages in the provision of pay-tv services. It operates through Pay-TV and Wireless segments. The Pay-TV segment operates under the DISH brand and Sling brand. The Wireless segment refers to the wireless spectrum licenses and related assets. The company was founded by Charles W.
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