Zacks Investment Research upgrades DISH Network (NASDAQ: DISH) to “Hold”

DISH Network (NASDAQ: FLATGet a rating) has been updated by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note published on Monday, reports. The company currently has a target price of $23.00 on the stock. Zacks Investment ResearchThe stock price target indicates a potential upside of 6.04% from the current stock price.

According to Zacks, “DISH’s first quarter 2022 results reflect the continued loss of subscribers in the pay television and SLING TV businesses, primarily due to fierce competition and cord cuts. In addition, increased spending on programming and content, as well as higher rebroadcasting fees, are hurting profitability.Additionally, a debt-ridden balance sheet is a concern.However, DISH’s focus on acquiring and retaining subscribers, which will be profitable over the long term, should drive growth.In addition, the partnership with Qualcomm, Aviat, Everstream, Segra, Uniti, Zayo, Mavenir, Fujitsu, Altiostar, VMware, MATRIXX Software and Crown Castle for its autonomous 5G network is a key catalyst.These initiatives bode well for DISH’s long-term revenue growth.In particular, stocks have underperformed the industry since the start of the year.

DISH has been the subject of several other reports. Raymond James lowered his target price on DISH Network from $49.00 to $42.00 in a research note on Monday. Credit Suisse Group upgraded DISH Network from a “neutral” rating to an “outperforming” rating and set a target price of $45.00 on the stock in a research note on Monday. JPMorgan Chase & Co. downgraded DISH Network from an “overweight” rating to a “neutral” rating and lowered its target price for the company from $40.00 to $30.00 in a research note on Monday. Deutsche Bank Aktiengesellschaft lowered its target price on DISH Network from $67.00 to $61.00 in a research note on Monday. Finally, Cowen reduced his price target on DISH Network from $55.00 to $53.00 and set an “outperform” rating on the stock in a Friday, Feb. 25 research note. One financial analyst gave the stock a sell rating, seven gave the company a hold rating, six gave the company a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $40.68.

Dish bottom traded down $0.53 in midday trading on Monday, hitting $21.69. The company’s stock had a trading volume of 268,681 shares, compared to its average volume of 2,897,828. The stock’s 50-day moving average price is $30.86 and its 200-day moving average price days is $32.73. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt ratio of 1.25. DISH Network has a 1 year minimum of $21.77 and a 1 year maximum of $47.05. The stock has a market capitalization of $11.47 billion, a price/earnings ratio of 6.29, a PEG ratio of 1.40 and a beta of 1.92.

DISH Network (NASDAQ: FLATGet a rating) last released its quarterly earnings data on Friday, May 6. The company reported earnings per share of $0.68 for the quarter, missing the consensus estimate of $0.75 per ($0.07). The company posted revenue of $4.33 billion in the quarter, versus $4.39 billion expected by analysts. DISH Network had a return on equity of 16.48% and a net margin of 13.48%. The company’s revenue for the quarter was down 3.8% year over year. During the same period of the previous year, the company posted EPS of $0.99. As a group, stock analysts expect DISH Network to post 2.61 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently been buying and selling shares of the company. Dodge & Cox increased its holdings in DISH Network by 0.8% during the fourth quarter. Dodge & Cox now owns 38,268,088 shares of the company valued at $1,241,417,000 after acquiring an additional 286,601 shares during the period. Atreides Management LP increased its holdings in DISH Network by 11.3% during the 4th quarter. Atreides Management LP now owns 5,187,126 shares of the company valued at $168,270,000 after acquiring an additional 527,522 shares during the period. Geode Capital Management LLC increased its holdings in DISH Network by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,846,691 shares of the company valued at $156,862,000 after acquiring an additional 68,530 shares during the period. Wellington Management Group LLP increased its stake in DISH Network by 12.6% during the third quarter. Wellington Management Group LLP now owns 3,902,832 shares of the company valued at $169,617,000 after acquiring an additional 437,611 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in DISH Network by 4.3% during the third quarter. Dimensional Fund Advisors LP now owns 2,790,882 shares of the company valued at $121,312,000 after acquiring an additional 115,532 shares during the period. Hedge funds and other institutional investors own 46.90% of the company’s shares.

About DISH Network (Get a rating)

DISH Network Corporation, together with its subsidiaries, provides pay television services in the United States. The Company operates in two segments, Pay-TV and Wireless. It offers video services under the DISH TV brand; and programming packages that include programming on national broadcast networks, local broadcast networks, and national and regional cable networks, as well as regional and specialty sports channels, premium movie channels, and Latin and international.

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