5 Worst Performing NASDAQ Stocks In 2023

2. DISH Network Corporation (NASDAQ:DISH)

Number of Hedge Fund Holders: 35

YTD Share Price Decline as of July 30: 44.75%

DISH Network Corporation (NASDAQ:DISH) offers pay-TV services within the United States. The company has two main segments – Pay-TV and Wireless. DISH Network Corporation (NASDAQ:DISH) ranks 2nd on our list of the worst performing NASDAQ stocks in 2023 based on year-to-date share price decline. On May 8, DISH Network Corporation (NASDAQ:DISH) reported a Q1 GAAP EPS of $0.35 and a revenue of $3.96 billion, falling short of Wall Street estimates by $0.04 and $100 million, respectively. In the first quarter of 2023, Pay-TVNet experienced a decrease of approximately 552,000 subscribers, which was higher than the decline of about 462,000 subscribers in the prior-year quarter.

According to Insider Monkey’s first quarter database, 35 hedge funds were bullish on DISH Network Corporation (NASDAQ:DISH), compared to 37 funds in the prior quarter. Boykin Curry’s Eagle Capital Management is the largest stakeholder of the company, with approximately 15 million shares worth $139.6 million. 

ClearBridge Large Cap Value Strategy made the following comment about DISH Network Corporation (NASDAQ:DISH) in its first quarter 2023 investor letter:

“DISH Network Corporation (NASDAQ:DISH) was lower for more idiosyncratic reasons. The pay-TV provider, with unique potential to become a viable fourth wireless carrier, continues to face challenges executing its wireless buildout in a higher rate environment where a leveraged balance sheet is a liability. We believe there is still value to be captured for Dish, but it is clearly taking longer to realize, and we are monitoring the stock closely.”