EchoStar Corporation $SATS Shares Bought by Arax Advisory Partners

Arax Advisory Partners grew its holdings in shares of EchoStar Corporation (NASDAQ:SATS) by 22,637.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,691 shares of the communications equipment provider’s stock after buying an additional 20,600 shares during the period. Arax Advisory Partners’ holdings in EchoStar were worth $2,249,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. DLD Asset Management LP bought a new stake in shares of EchoStar during the third quarter valued at approximately $2,481,700,000. Icahn Carl C bought a new stake in EchoStar during the third quarter worth approximately $332,513,000. Geode Capital Management LLC raised its holdings in EchoStar by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,524,576 shares of the communications equipment provider’s stock worth $382,595,000 after purchasing an additional 48,671 shares in the last quarter. Contrarius Group Holdings Ltd raised its holdings in EchoStar by 68.6% during the fourth quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the communications equipment provider’s stock worth $237,154,000 after purchasing an additional 887,611 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in EchoStar by 2.8% during the third quarter. Northern Trust Corp now owns 1,744,438 shares of the communications equipment provider’s stock worth $133,205,000 after purchasing an additional 48,322 shares in the last quarter. Institutional investors own 33.62% of the company’s stock.

More EchoStar News

Here are the key news stories impacting EchoStar this week:

• Positive Sentiment: EchoStar remains closely tied to enthusiasm around the SpaceX IPO, and that relationship helped drive a sharp run-up in the stock earlier in the week as traders speculated on the value of EchoStar’s SpaceX stake. All Eyes on SpaceX IPO Today
• Positive Sentiment: Analyst targets on SATS remain above the current share price, with recent estimates implying upside if the company can stabilize operations and reduce balance-sheet risk. SpaceX IPO Crowds Pre-Market Sentiment
• Neutral Sentiment: The SpaceX IPO is dominating market chatter and has increased trading interest in Space-related names, which has boosted volatility in EchoStar rather than changing the company’s fundamentals directly. Stock Movers Ahead of SpaceX Debut
• Negative Sentiment: EchoStar disclosed that its DISH DBS subsidiary missed about $183 million in interest payments due June 1, which is a default under the indentures unless cured during the grace period; that has renewed default and liquidity worries. EchoStar shares slide as missed interest payment rekindles default and liquidity concerns
• Negative Sentiment: After the recent surge, traders appear to be taking profits, and Friday’s weakness reflects a pullback from the SpaceX-linked rally combined with renewed concern about refinancing risk. Stock Market Today, June 12: EchoStar Falls as SpaceX-Linked Rally Meets DISH DBS Payment Risk

EchoStar Stock Performance

NASDAQ SATS opened at $114.08 on Monday. EchoStar Corporation has a twelve month low of $16.73 and a twelve month high of $147.25. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30. The stock has a market cap of $33.06 billion, a price-to-earnings ratio of -2.28 and a beta of 0.95. The firm’s 50 day moving average price is $126.01 and its two-hundred day moving average price is $114.82.

EchoStar (NASDAQ:SATS) last posted its quarterly earnings data on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.03). EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the firm posted ($0.71) earnings per share.

Insiders Place Their Bets

In other EchoStar news, CEO Hamid Akhavan sold 52,586 shares of EchoStar stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the transaction, the chief executive officer directly owned 865,633 shares in the company, valued at approximately $104,741,593. The trade was a 5.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on SATS shares. Wall Street Zen raised EchoStar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. UBS Group upped their price target on EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Zacks Research cut EchoStar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. Finally, TD Cowen upped their price target on EchoStar from $129.00 to $155.00 and gave the company a “buy” rating in a report on Monday, May 18th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, EchoStar has a consensus rating of “Hold” and an average price target of $137.14.

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.