Penserra Capital Management LLC Has $5.37 Million Position in EchoStar Corporation $SATS

Penserra Capital Management LLC cut its holdings in EchoStar Corporation (NASDAQ:SATS) by 61.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,379 shares of the communications equipment provider’s stock after selling 110,355 shares during the quarter. Penserra Capital Management LLC’s holdings in EchoStar were worth $5,374,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Deseret Mutual Benefit Administrators acquired a new stake in shares of EchoStar in the 3rd quarter valued at $28,000. Farther Finance Advisors LLC increased its position in EchoStar by 593.2% during the third quarter. Farther Finance Advisors LLC now owns 922 shares of the communications equipment provider’s stock worth $70,000 after buying an additional 789 shares during the last quarter. Lazard Asset Management LLC bought a new position in EchoStar during the second quarter valued at about $73,000. Strs Ohio acquired a new stake in shares of EchoStar in the first quarter worth about $128,000. Finally, AlphaQuest LLC bought a new stake in shares of EchoStar during the 2nd quarter worth about $130,000. 33.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SATS shares. Zacks Research downgraded EchoStar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 11th. TD Cowen reissued a “buy” rating on shares of EchoStar in a research report on Wednesday, January 7th. Morgan Stanley raised shares of EchoStar from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $82.00 to $110.00 in a report on Wednesday, December 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a report on Wednesday, January 21st. Finally, Citigroup boosted their target price on shares of EchoStar from $111.00 to $121.00 and gave the stock a “neutral” rating in a research report on Tuesday. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, EchoStar presently has a consensus rating of “Hold” and a consensus target price of $133.83.

EchoStar Stock Performance

NASDAQ:SATS opened at $107.02 on Friday. The firm’s 50-day moving average is $108.44 and its 200-day moving average is $76.75. The company has a market cap of $30.81 billion, a price-to-earnings ratio of -2.38 and a beta of 1.01. The company has a debt-to-equity ratio of 3.11, a quick ratio of 0.56 and a current ratio of 0.61. EchoStar Corporation has a 52-week low of $14.90 and a 52-week high of $132.25.

EchoStar (NASDAQ:SATS) last released its 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). EchoStar had a negative net margin of 85.36% and a positive return on equity of 0.39%. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the previous year, the business posted ($0.52) EPS. The firm’s quarterly revenue was down 7.1% on a year-over-year basis. Equities research analysts anticipate that EchoStar Corporation will post -1.99 earnings per share for the current year.

Insider Activity at EchoStar

In other news, COO John Swieringa sold 22,000 shares of the stock in a transaction 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 owned 283,509 shares in the company, valued at approximately $19,091,496.06. This represents a 7.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hamid Akhavan sold 285,832 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 376,805 shares of the company’s stock, valued at $39,688,870.65. The trade was a 43.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 55.90% of the stock is currently owned by company insiders.

EchoStar 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.