One of Dish Network’s (NASDAQ:DISH) key insiders, James DeFranco, recently bought the company’s shares worth $15.7 million. DISH stock traded about 3% higher in the after-trade hours on Monday. The company provides pay-TV services. Also, it owns direct-broadcast satellite provider DISH and streaming service provider Sling TV.
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It is worth highlighting that DeFranco is Dish Network’s Co-Founder, one of the company’s Executive Vice Presidents, and has been a member of the Board of Directors since its formation.
Going by the SEC filing, DeFranco bought 1.45 million shares of the company at a weighted average price of $10.84 per share on March 2, 2023. As per the data collected by TipRanks, DeFranco increased his holdings in DISH stock in August 2022. The total value of his holdings now stands at about $99.3 million.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is DISH a Good Stock to Buy?
Dish Network has been under pressure of late as its shares have tanked about 6% in the past five days. The company recently received a double downgrade from Bank of America analyst David Barden and reported a cybersecurity incident last week. It stated that the personal data of customers may have been “extracted” during the attack.
Wall Street is currently sidelined on DISH stock. It has a Hold consensus rating based on two Buys, four Holds, and two Sells. The average price target of $18.38 implies 68.6% upside potential from the current levels.
Furthermore, hedge funds reduced their exposure to the stock. Our data shows that hedge funds sold 2.1 million shares of the company in the last quarter.
