Marnell Management LLC Takes Position in EchoStar Corporation $SATS

Marnell Management LLC bought a new stake in EchoStar Corporation (NASDAQ:SATS) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 8,600 shares of the communications equipment provider’s stock, valued at approximately $935,000.

A number of other large investors have also modified their holdings of SATS. DLD Asset Management LP acquired a new stake in EchoStar during the 3rd quarter valued at approximately $2,481,700,000. Icahn Carl C acquired a new stake in EchoStar during the 3rd quarter valued at approximately $332,513,000. Norges Bank acquired a new stake in EchoStar during the 4th quarter valued at approximately $182,111,000. Contrarius Group Holdings Ltd acquired a new stake in EchoStar during the 3rd quarter valued at approximately $98,819,000. Finally, Marshall Wace LLP grew its stake in EchoStar by 104.0% during the 4th quarter. Marshall Wace LLP now owns 1,435,531 shares of the communications equipment provider’s stock valued at $156,042,000 after purchasing an additional 731,806 shares in the last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Zacks Research lowered EchoStar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Weiss Ratings restated a “sell (d-)” rating on shares of EchoStar in a research note on Monday, April 20th. Williams Trading set a $155.00 price objective on EchoStar in a research note on Monday, May 18th. New Street Research assumed coverage on EchoStar in a research note on Wednesday, May 13th. They set a “buy” rating and a $161.00 price objective for the company. Finally, TD Cowen raised their price objective on EchoStar from $129.00 to $155.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, EchoStar has an average rating of “Hold” and a consensus target price of $137.14.

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 Price Performance

Shares of SATS opened at $114.08 on Monday. The firm has a market cap of $33.06 billion, a price-to-earnings ratio of -2.28 and a beta of 0.95. The stock has a 50 day moving average of $126.01 and a 200-day moving average of $114.82. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17. EchoStar Corporation has a 52 week low of $16.73 and a 52 week high of $147.25.

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

Insider Activity at EchoStar

In other news, CEO Hamid Akhavan sold 52,586 shares of EchoStar stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the transaction, the chief executive officer owned 865,633 shares in the company, valued at approximately $104,741,593. This trade represents a 5.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.70% of the company’s stock.

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.