EchoStar Stock (SATS) Dives 20% on Missed Payment
EchoStar (SATS) stock dove on Friday after the satellite communication company announced it won't make a $326 million cash interest payment due today. This payment is tied to its 10.75% senior spectrum secured notes due 2029. The company notes this decision is a default on its payment, and it has a 30-day grace period to make the payment.
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EchoStar decided not to make the payment due to Federal Communications Commission (FCC) review of its 5G service offerings and September 2024 buildout plan. This could result in the reversal of FCC grants offered to EchoStar. The company said this 'has effectively frozen our ability to make decisions regarding our Boost business.' It expects an FCC decision within the 30-day grace period, which could result in it making that payment in time.
SATS stock was down 20.92% on Friday following the missed payment news. The company's shares have also dropped 11.92% year-to-date as of Thursday's close.
Is SATS Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts' consensus rating for EchoStar is Hold, based on one Buy and three Hold ratings over the past three months. With that comes an average SATS stock price target of $26.67, representing a potential 32.23% upside for the shares.
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