EchoStar Corporation (NASDAQ: SATS) has gone from near‑distress to one of 2025’s hottest and most controversial telecom stocks, riding massive spectrum deals with SpaceX and AT&T and fresh buzz around a potential SpaceX IPO in 2026. Since November 21, 2025, the stock has climbed from the high‑$60s to roughly the low‑$100s, a gain of more than 50% in just a few weeks, and nearly 200% over the last 12 months. [1]
Below is a detailed breakdown of what has happened around and after November 21, 2025, the latest EchoStar stock news, and how Wall Street currently values and forecasts SATS.
EchoStar (SATS) Stock Price Snapshot: Then vs. Now
On November 21, 2025, EchoStar shares:
- Opened at about $67.17
- Closed at $68.63, up roughly 2.1% on the day
- Traded between $65.76 and $69.22 on volume of about 2.7 million shares [2]
As of December 11, 2025, EchoStar is trading around the low‑$100s per share, with a 52‑week range of roughly $14.90 to about $109.5, implying the stock has multiplied several times from its 1‑year low and is hovering near its all‑time highs. [3]
According to analysis platform Finimize, SATS shares were up about 190% year‑over‑year through December 9, 2025, vastly outpacing the S&P 500’s roughly 15% gain over the same period. [4]
In other words, EchoStar has transitioned from an under‑followed satellite and pay‑TV operator to a high‑beta play on spectrum, 5G and, increasingly, SpaceX.
What Happened Around November 21, 2025?
The date November 21, 2025 sits in the middle of a crucial re‑rating period for EchoStar, coming just after Q3 earnings and the expanded SpaceX deal, and shortly before the latest wave of SpaceX‑IPO‑driven excitement.
1. Insider sale and Form 144
On November 21, 2025, COO John Swieringa filed a Form 144 indicating an intention to sell 22,000 EchoStar Class A shares, with actual sales reported at an average price of about $67.34 per share, totaling roughly $1.48 million. After the transaction, he still directly owned about 283,500 shares, plus a small indirect holding through a 401(k). [5]
This insider sale reduced Swieringa’s stake modestly (MarketBeat estimates about a 7% reduction of his holdings) but left him with a substantial position. [6]
2. Schedule 13G: Institutional interest
SEC records show a Schedule 13G (beneficial ownership filing) dated November 21, 2025 for EchoStar, indicating that at least one institutional investor or group disclosed a sizable SATS position. [7]
Financial news aggregators also highlight Form 13G and Form 144 filings “for: 21 November” on EchoStar, underscoring that this date was notable for both insider activity and institutional positioning in the stock. [8]
While the 13G details are technical, the takeaway for investors is that November 21 coincided with both insider profit‑taking and fresh institutional disclosure, not a wholesale exit or dramatic governance event.
3. AT&T starts using EchoStar spectrum
Just days before, on November 17, 2025, AT&T was reported to have deployed mid‑band spectrum acquired from EchoStar to nearly 23,000 cell sites in more than 5,300 cities, boosting 5G speeds significantly. [9]
This operationalization of EchoStar’s sold spectrum is a reminder that:
- EchoStar is cashing out of some spectrum,
- AT&T is turning that spectrum into network performance, and
- EchoStar still retains other spectrum and a strategic relationship with AT&T.
The Big Story: SpaceX and AT&T Deals Reshape EchoStar
EchoStar’s stock story in late 2025 is dominated by three mega‑transactions and a major regulatory turnaround.
SpaceX spectrum deals: $17B + $2.6B and a long‑term partnership
- September 2025 – $17 billion SpaceX transaction
- SpaceX agreed to buy AWS‑4 and H‑block spectrum licenses from EchoStar for about $17 billion, split between up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock. [10]
- SpaceX also committed to around $2 billion in interest payments on EchoStar debt through November 2027. [11]
- The companies signed a long‑term commercial agreement allowing Boost Mobile subscribers to use Starlink’s Direct‑to‑Cell service, knitting together EchoStar’s wireless customers and SpaceX’s next‑gen satellite network. [12]
- November 6, 2025 – $2.6 billion AWS‑3 spectrum sale to SpaceX
- EchoStar announced it would sell its nationwide unpaired AWS‑3 spectrum licenses to SpaceX for approximately $2.6 billion, paid entirely in SpaceX stock, expanding the September deal. [13]
- The AWS‑3 frequencies support mobile and satellite communications and are expected to enhance Direct‑to‑Cell services when combined with SpaceX’s launch and satellite manufacturing capabilities. [14]
Taken together, these deals imply EchoStar is slated to hold about $11.1 billion in SpaceX equity (8.5 + 2.6 billion), subject to final valuations and regulatory approvals. [15]
With SpaceX reportedly exploring a share sale or IPO that could value the company at around $800 billion, the market increasingly views EchoStar as a public proxy for private SpaceX exposure. [16]
AT&T spectrum sale: $23 billion and regulatory overhang
EchoStar has also agreed to sell a large portfolio of mid‑band and low‑band spectrum licenses to AT&T for about $23 billion, giving the carrier a major boost to its 5G coverage. [17]
- This AT&T transaction is still pending FCC approval, and recent reporting notes AT&T is actively seeking that approval in a highly politicized regulatory environment. [18]
- The same FCC indicated in September it would terminate its investigation into EchoStar’s 5G build‑out obligations after EchoStar announced the spectrum deals with AT&T and SpaceX, a key catalyst for both the bonds and the stock. [19]
From near‑bankruptcy to deleveraging story
Earlier in 2025, the narrative around EchoStar was much darker:
- EchoStar had skipped interest payments on about $5.5 billion of spectrum notes due 2029 and on several DISH DBS bond issues, leaving the company on the edge of potential bankruptcy, according to distressed‑debt outlet 9fin. [20]
- Hedge funds that bought EchoStar debt and stock heading into the FCC resolution reportedly made huge gains—one trade allegedly netted about $500 million in a single day once the FCC’s stance flipped and the spectrum deals were announced. [21]
The combination of mega‑deals, dropped FCC investigation and a pivot to an asset‑monetization plus partnership model is what turned SATS into a high‑flying, high‑volatility turnaround story by late 2025.
EchoStar Q3 2025 Earnings: Big Loss, Big Impairment, Strategic Reset
On November 6, 2025, EchoStar reported results for Q3 2025 and the first nine months of the year.
Headline numbers
- Q3 2025 revenue: about $3.61 billion [22]
- Nine‑month 2025 revenue: roughly $11.21 billion [23]
- Net margin: around –85%, driven by non‑cash impairment charges [24]
- Diluted EPS: about –$44.37 vs. a consensus loss estimate near –$1.23, a massive miss largely caused by impairment [25]
- Analysts expect full‑year 2025 EPS around –$1.99, according to MarketBeat. [26]
The numbers look shocking at first glance, but much of the damage comes from accounting:
- EchoStar recorded a one‑time, non‑cash impairment charge of about $16.48 billion related to the partial decommissioning of parts of its 5G network. [27]
Operational trends: More than just spectrum
Beneath the impairment, the underlying businesses are still very much alive:
- Wireless: positive net additions of over 200,000 subscribers and rising ARPU (average revenue per user). [28]
- DISH TV: churn reportedly hit a historic low of around 1.33%. [29]
- Sling TV: added roughly 159,000 subscribers in the quarter. [30]
- Broadband & Satellite Services: an enterprise order backlog of around $1.5 billion, reflecting strong demand in aviation and enterprise connectivity. [31]
The quarter also formalized the creation of EchoStar Capital, a new investment division intended to deploy capital into future growth opportunities, with former CEO Hamid Akhavan moving to lead EchoStar Capital and co‑founder Charlie Ergen assuming the role of CEO of EchoStar Corporation. [32]
EchoStar Stock Performance Since November 21, 2025
From November 21 onward, SATS has traded like a high‑beta satellite to SpaceX headlines and analyst notes.
Late November price action
Price history shows the stock gradually grinding higher after November 21: [33]
- Nov 21: close around $68.63 (+2.1%)
- Nov 24: close near $70.92, a 3.3% gain on very heavy volume over 11 million shares
- Nov 25–28: continued firming into the low‑$70s, setting the stage for December’s breakout
December 8: SpaceX valuation sparks a 7% jump
On December 8, 2025, EchoStar shares jumped about 7%, closing around $88.30, after reports that a planned SpaceX share sale could value the rocket company at around $800 billion, effectively doubling its prior valuation. [34]
- The move also came after Citi bumped its EchoStar price target to $87 and framed the company as entering a “transformative phase.” [35]
- IndexBox notes that EchoStar has had over 30 daily moves larger than 5% in the last year and is up roughly 287% year‑to‑date, underscoring just how volatile the stock has become. [36]
December 10: Morgan Stanley upgrade and more upside
On December 10, 2025, Morgan Stanley:
- Upgraded EchoStar from “Equal‑Weight” to “Overweight”
- Raised its price target from $82 to $110, a roughly 34% increase in the target itself [37]
GuruFocus summarises that across six analysts, the average target price is about $76, with a high of $100 and a low of $28, implying downside from the then‑current price in the low‑$90s—but Morgan Stanley’s new $110 target is now above the market. [38]
Other financial sites report additional positive moves on December 10 driven by contract wins and holiday promotions at units like Boost Mobile and Sling TV. [39]
December 11: New 12‑month highs
MarketBeat notes that on December 11, 2025 EchoStar hit a new 12‑month high, with: [40]
- Market capitalization close to $30 billion
- P/E ratio deeply negative (around –2.3) due to the huge impairment
- Debt‑to‑equity near 3.1, highlighting a still‑leveraged balance sheet
- Current ratio ~0.61 and quick ratio ~0.56, signalling a relatively tight liquidity profile
Investing.com and other live data providers peg the stock today around $104–$106, with an intraday range stretching up toward $109.5, near its 52‑week peak. [41]
Analyst Ratings and EchoStar Stock Forecasts
Despite the eye‑popping rally, analyst views on SATS are mixed and nuanced.
Consensus ratings: Between Hold and Buy
- MarketBeat reports that eight firms currently cover EchoStar:
- 1 Sell, 3 Hold, 4 Buy
- Average rating: “Hold”
- Average 12‑month price target: about $79.40 [42]
- StockAnalysis.com aggregates five analysts and shows:
- Consensus rating: “Buy”
- Average price target: $71.8, with a low of $28 and high of $110
- At current prices, that average implies about 30% downside over the next year. [43]
- GuruFocus summarises six analysts with an average target of roughly $76.33, again below the current price, and describes the consensus brokerage recommendation as effectively a Hold (around 2.7 on a 1–5 scale). [44]
- Investing.com’s forecast tool lists an average 12‑month target near $90.3, with a high target of $125 and low of $28, implying mid‑teens downside from today’s price, but an overall analyst rating of “Buy” based on three buy recommendations and no sells. [45]
In short, most analysts like the business and the optionality, but many of their models suggest the current price already bakes in a lot of the upside from AT&T and SpaceX.
SpaceX‑proxy thesis
Barron’s and other outlets have framed EchoStar as one of the “best ways to play a future SpaceX IPO”, pointing out that: [46]
- EchoStar’s SpaceX stake (roughly $11.1 billion) now represents a large chunk of its roughly $30 billion market value.
- If SpaceX is valued at $800 billion in a share sale or IPO, EchoStar’s position could see substantial mark‑to‑market gains, even if its core businesses grow more modestly.
- New Street Research, for example, reportedly raised its EchoStar target price from $100 to $125, reflecting both spectrum value and SpaceX exposure. [47]
At the same time, valuation frameworks like GuruFocus’ “GF Value” flag SATS as deeply overvalued on traditional metrics, suggesting fair value far below the current price—though those models may not fully capture the optionality in SpaceX equity and spectrum. [48]
Business Fundamentals Beyond SpaceX: Sling, Boost, Hughes and Aviation
While the SpaceX and AT&T deals are dominating headlines, EchoStar is still running—and trying to grow—its operating businesses:
- Sling TV:
- Recently celebrated a court win that allowed it to keep offering flexible “Day Pass” and short‑term subscription models after a judge rejected Disney’s attempt to block the offering. [49]
- In response, Sling has run promotions like a $1 Day Pass and new 3‑day and 7‑day pass products, aiming to attract sports and event‑driven viewers. [50]
- Boost Mobile (wireless):
- Pushing aggressive holiday discounts on 5G phones and “lifetime price lock” plans designed to undercut major carriers and keep churn low. [51]
- Hughes Network Systems (broadband & aviation):
These operating units provide recurring cash flow and strategic relevance—they’re not just legacy assets to be sold. But they also face intense competition in streaming, prepaid wireless and satellite broadband, and are overshadowed right now by the balance‑sheet fireworks.
Key Risks for EchoStar Stock
Despite the excitement, EchoStar is not a low‑risk investment. Key issues to watch:
- Regulatory risk (FCC & DOJ)
- The AT&T $23 billion spectrum deal still requires regulatory approval, and the current FCC is heavily scrutinizing large transactions and DEI‑related corporate policies. [54]
- Spectrum transfers to both AT&T and SpaceX are subject to ongoing antitrust and spectrum‑concentration review; adverse rulings could delay or reshape the deals. [55]
- Leverage and liquidity
- Earnings volatility and non‑cash charges
- The $16.48 billion 5G impairment is a stark example of how quickly accounting charges can swing reported EPS, even if cash flow is more stable. Future write‑downs, restructuring costs or changes in spectrum valuation could create further headline volatility. [58]
- SpaceX valuation risk
- If the SpaceX IPO or share sale ultimately prices below today’s lofty expectations—or is delayed—the implied value of EchoStar’s stake could be significantly lower than what the current SATS share price suggests. [59]
- Operational execution risk
- EchoStar is trying to juggle pay‑TV, streaming, prepaid wireless, fixed broadband, aviation and spectrum monetization simultaneously. Any mis‑execution—customer losses, network issues, or integration problems with SpaceX and AT&T—could undercut the long‑term narrative.
- Insider selling and ownership concentration
- Insider ownership is high—around 56% of shares by some estimates—which can be positive for alignment but also concentrate control. Recent insider sales (CEO and COO) show key executives are taking profits as the stock runs. [60]
Takeaways for Investors Watching EchoStar (SATS) After November 21, 2025
From an investing perspective, here’s how the picture looks today:
- Since November 21, 2025, EchoStar has rallied from roughly $69 to around $105, fueled by:
- Confirmation of huge spectrum deals with SpaceX and AT&T
- A massive, though non‑cash, 5G impairment that “clears the decks” financially
- Intensifying speculation around a 2026 SpaceX IPO and an $800 billion valuation, which could substantially lift the value of EchoStar’s $11‑billion‑plus SpaceX stake
- Analyst upgrades, including Morgan Stanley’s shift to Overweight with a $110 target [61]
- Analysts broadly like the story but not the price:
- Most average price targets (roughly $72–$90) sit below the current share price, implying that the market is valuing SATS at a premium to traditional sell‑side models. [62]
- Risk/reward is now highly asymmetric:
- Upside depends on successful closing and deployment of spectrum deals, continued regulatory green‑lights, and SpaceX living up to very ambitious valuation expectations.
- Downside could be sharp if any of those legs wobble—particularly if the SpaceX narrative cools or the AT&T transaction faces unexpected hurdles.
For investors, EchoStar today is less a sleepy satellite company and more a leveraged, volatile bet on spectrum repricing and SpaceX’s future, backed by a complex but still meaningful portfolio of pay‑TV, streaming, wireless and broadband businesses.
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References
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