Covestor Ltd Acquires 7,159 Shares of EchoStar Corporation $SATS

Covestor Ltd raised its holdings in shares of EchoStar Corporation (NASDAQ:SATS) by 105.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,957 shares of the communications equipment provider’s stock after purchasing an additional 7,159 shares during the period. EchoStar accounts for about 0.6% of Covestor Ltd’s holdings, making the stock its 13th largest holding. Covestor Ltd’s holdings in EchoStar were worth $1,066,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Amalgamated Bank increased its stake in shares of EchoStar by 0.5% during the third quarter. Amalgamated Bank now owns 58,941 shares of the communications equipment provider’s stock valued at $4,501,000 after buying an additional 293 shares during the period. Voya Investment Management LLC lifted its position in shares of EchoStar by 0.8% in the 3rd quarter. Voya Investment Management LLC now owns 37,456 shares of the communications equipment provider’s stock worth $2,860,000 after purchasing an additional 298 shares during the period. GAMMA Investing LLC boosted its stake in shares of EchoStar by 20.7% during the 3rd quarter. GAMMA Investing LLC now owns 2,788 shares of the communications equipment provider’s stock valued at $213,000 after purchasing an additional 478 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of EchoStar by 16.6% during the second quarter. Nisa Investment Advisors LLC now owns 5,235 shares of the communications equipment provider’s stock valued at $145,000 after buying an additional 746 shares during the period. Finally, Farther Finance Advisors LLC increased its position in shares of EchoStar by 593.2% during the third quarter. Farther Finance Advisors LLC now owns 922 shares of the communications equipment provider’s stock valued at $70,000 after buying an additional 789 shares during the period. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Wall Street Analyst Weigh In

SATS has been the topic of several research reports. Citigroup lifted their price objective on EchoStar from $87.00 to $111.00 and gave the company a “neutral” rating in a research report on Tuesday, December 23rd. TD Cowen restated a “buy” rating on shares of EchoStar in a research report on Wednesday, January 7th. Morgan Stanley raised EchoStar from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $82.00 to $110.00 in a research note on Wednesday, December 10th. Williams Trading set a $158.00 price objective on EchoStar in a research report on Wednesday, January 7th. Finally, UBS Group boosted their target price on shares of EchoStar from $28.00 to $125.00 and gave the company a “neutral” rating in a report on Tuesday, December 23rd. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $132.17.

EchoStar Trading Up 0.4%

EchoStar stock opened at $122.50 on Thursday. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $132.25. The company has a market capitalization of $35.27 billion, a price-to-earnings ratio of -2.73 and a beta of 1.02. The business’s fifty day simple moving average is $97.61 and its two-hundred day simple moving average is $70.30. The company has a current ratio of 0.61, a quick ratio of 0.56 and a debt-to-equity ratio of 3.11.

EchoStar (NASDAQ:SATS) last issued its quarterly earnings results on Thursday, November 6th. The communications equipment provider reported ($44.37) earnings per share for the quarter, missing the consensus estimate of ($1.23) by ($43.14). The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.75 billion. EchoStar had a negative net margin of 85.36% and a positive return on equity of 0.39%. EchoStar’s revenue was down 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.52) earnings per share. As a group, equities analysts predict that EchoStar Corporation will post -1.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Hamid Akhavan sold 285,832 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $105.33, for a total value of $30,106,684.56. Following the completion of the transaction, the chief executive officer directly owned 376,805 shares in the company, valued at $39,688,870.65. The trade was a 43.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO John Swieringa sold 22,000 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $67.34, for a total value of $1,481,480.00. Following the completion of the transaction, the chief operating officer directly owned 283,509 shares in the company, valued at $19,091,496.06. This trade represents a 7.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 55.90% of the stock is currently owned by insiders.

EchoStar Company Profile

EchoStar Corporation (NASDAQ: SATS) is a global provider of satellite communication solutions, offering a suite of broadband and video delivery services to consumer, enterprise and government customers. The company operates two principal business segments: Broadband and Video. Through its Broadband segment, EchoStar delivers high-speed satellite internet access, managed network services and ground infrastructure for residential, commercial and rural markets. Its Video segment provides satellite fleet operations, teleport facilities and capacity-leasing services to video distributors and content providers.

In the Broadband segment, EchoStar’s Hughes Network Systems division designs and manufactures satellite broadband equipment, including user terminals and gateways, and develops advanced network management technologies.