Ethic Inc. Takes $221,000 Position in EchoStar Corporation $SATS

Ethic Inc. acquired a new stake in EchoStar Corporation (NASDAQ:SATS) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,683 shares of the communications equipment provider’s stock, valued at approximately $221,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Amalgamated Bank boosted its stake in shares of EchoStar by 50.3% in the first quarter. Amalgamated Bank now owns 53,287 shares of the communications equipment provider’s stock valued at $1,363,000 after purchasing an additional 17,830 shares during the period. Quarry LP boosted its stake in shares of EchoStar by 394.8% in the first quarter. Quarry LP now owns 20,055 shares of the communications equipment provider’s stock valued at $513,000 after purchasing an additional 16,002 shares during the period. Swiss National Bank boosted its stake in shares of EchoStar by 8.7% in the first quarter. Swiss National Bank now owns 270,025 shares of the communications equipment provider’s stock valued at $6,907,000 after purchasing an additional 21,600 shares during the period. Corebridge Financial Inc. boosted its stake in shares of EchoStar by 196.8% in the first quarter. Corebridge Financial Inc. now owns 192,280 shares of the communications equipment provider’s stock valued at $4,919,000 after purchasing an additional 127,496 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of EchoStar in the first quarter valued at approximately $276,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

EchoStar Stock Down 0.6%

SATS stock opened at $73.16 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 1.28. EchoStar Corporation has a twelve month low of $14.90 and a twelve month high of $85.37. The company’s 50 day moving average is $70.60 and its two-hundred day moving average is $40.68. The stock has a market cap of $21.05 billion, a P/E ratio of -69.68 and a beta of 0.96.

EchoStar (NASDAQ:SATS) last released its quarterly earnings data on Friday, August 1st. The communications equipment provider reported ($1.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.12) by $0.06. EchoStar had a negative net margin of 2.04% and a negative return on equity of 1.58%. The company had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.80 billion. During the same quarter last year, the company earned ($0.76) earnings per share. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. Research analysts expect that EchoStar Corporation will post -1.99 earnings per share for the current fiscal year.

Insider Activity at EchoStar

In other EchoStar news, CEO Hamid Akhavan sold 233,918 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $75.35, for a total transaction of $17,625,721.30. Following the sale, the chief executive officer owned 376,805 shares of the company’s stock, valued at approximately $28,392,256.75. This trade represents a 38.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Paul Gaske sold 750 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $78.32, for a total transaction of $58,740.00. The SEC filing for this sale provides additional information. Insiders sold a total of 460,740 shares of company stock worth $35,967,480 in the last ninety days. Company insiders own 55.90% of the company’s stock.

Analyst Ratings Changes

SATS has been the subject of several recent research reports. Morgan Stanley raised their price objective on shares of EchoStar from $59.00 to $91.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 9th. Cowen reaffirmed a “buy” rating on shares of EchoStar in a report on Wednesday, August 27th. Zacks Research raised shares of EchoStar from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EchoStar in a report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft set a $105.00 target price on shares of EchoStar in a report on Tuesday, September 9th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.20.

About EchoStar

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.