CenterBook Partners LP Makes New Investment in EchoStar Corporation $SATS

CenterBook Partners LP acquired a new position in EchoStar Corporation (NASDAQ:SATS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 216,183 shares of the communications equipment provider’s stock, valued at approximately $16,508,000. EchoStar comprises 0.8% of CenterBook Partners LP’s investment portfolio, making the stock its 22nd biggest holding. CenterBook Partners LP owned 0.08% of EchoStar as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Aspiring Ventures LLC bought a new stake in EchoStar during the third quarter worth $1,335,000. Fifth Third Bancorp boosted its holdings in EchoStar by 11.1% during the 3rd quarter. Fifth Third Bancorp now owns 1,665 shares of the communications equipment provider’s stock worth $127,000 after acquiring an additional 167 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of EchoStar by 70.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,504 shares of the communications equipment provider’s stock worth $420,000 after acquiring an additional 2,274 shares in the last quarter. Profund Advisors LLC purchased a new stake in shares of EchoStar in the third quarter valued at about $426,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of EchoStar by 55.4% during the third quarter. Smartleaf Asset Management LLC now owns 1,515 shares of the communications equipment provider’s stock valued at $112,000 after purchasing an additional 540 shares in the last quarter. Institutional investors own 33.62% of the company’s stock.

EchoStar Price Performance

Shares of NASDAQ:SATS opened at $113.00 on Wednesday. The firm has a market capitalization of $32.53 billion, a PE ratio of -2.52 and a beta of 1.01. The company has a quick ratio of 0.56, a current ratio of 0.61 and a debt-to-equity ratio of 3.11. The company has a 50-day moving average price of $113.84 and a two-hundred day moving average price of $82.09. EchoStar Corporation has a twelve month low of $14.90 and a twelve month high of $132.25.

Insider Activity

In related news, COO John Swieringa sold 22,000 shares of the business’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 transaction of $1,481,480.00. Following the completion of the transaction, the chief operating officer owned 283,509 shares of the company’s stock, valued at approximately $19,091,496.06. The trade was a 7.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hamid Akhavan sold 285,832 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $105.33, for a total transaction of $30,106,684.56. Following the completion of the sale, the chief executive officer owned 376,805 shares in the company, valued at $39,688,870.65. This represents a 43.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 55.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SATS shares. Deutsche Bank Aktiengesellschaft upped their price objective on shares of EchoStar from $97.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. TD Cowen reaffirmed a “buy” rating on shares of EchoStar in a report on Wednesday, January 7th. Zacks Research upgraded EchoStar from a “hold” rating to a “strong-buy” rating in a report on Monday, February 9th. Citigroup upped their price objective on EchoStar from $111.00 to $121.00 and gave the company a “neutral” rating in a research note on Tuesday, February 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EchoStar in a research report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $133.83.

About EchoStar

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.