Arrowpoint Investment Partners Singapore Pte. Ltd. Acquires New Position in EchoStar Corporation $SATS

Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new position in shares of EchoStar Corporation (NASDAQ:SATS) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 49,368 shares of the communications equipment provider’s stock, valued at approximately $3,770,000. EchoStar comprises approximately 3.8% of Arrowpoint Investment Partners Singapore Pte. Ltd.’s investment portfolio, making the stock its 4th largest position.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. DLD Asset Management LP acquired a new stake in EchoStar during the 3rd quarter worth approximately $2,481,700,000. Contrarius Group Holdings Ltd acquired a new position in shares of EchoStar during the third quarter worth $98,819,000. Darsana Capital Partners LP grew its stake in shares of EchoStar by 15.5% in the second quarter. Darsana Capital Partners LP now owns 8,960,000 shares of the communications equipment provider’s stock worth $248,192,000 after purchasing an additional 1,201,672 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of EchoStar in the third quarter worth $53,736,000. Finally, Hennessy Advisors Inc. acquired a new stake in EchoStar in the third quarter valued at $42,464,000. Institutional investors own 33.62% of the company’s stock.

Insider Buying and Selling

In related news, COO John Swieringa sold 50,088 shares of EchoStar stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $113.58, for a total value of $5,688,995.04. Following the sale, the chief operating officer owned 253,535 shares of the company’s stock, valued at approximately $28,796,505.30. The trade was a 16.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hamid Akhavan sold 71,005 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $107.52, for a total value of $7,634,457.60. Following the completion of the sale, the chief executive officer owned 823,293 shares in the company, valued at approximately $88,520,463.36. The trade was a 7.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 55.90% of the company’s stock.

EchoStar Price Performance

Shares of NASDAQ:SATS opened at $108.34 on Friday. The company has a market capitalization of $31.19 billion, a P/E ratio of -2.15 and a beta of 1.01. The company’s 50-day moving average is $115.52 and its 200 day moving average is $91.74. The company has a debt-to-equity ratio of 3.21, a quick ratio of 0.38 and a current ratio of 0.42. EchoStar Corporation has a fifty-two week low of $14.90 and a fifty-two week high of $132.25.

Analyst Ratings Changes

Several research analysts have commented on the company. Deutsche Bank Aktiengesellschaft lifted their target price on EchoStar from $97.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, December 19th. UBS Group lifted their price objective on EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Williams Trading set a $158.00 target price on shares of EchoStar in a research report on Wednesday, January 7th. Weiss Ratings restated a “sell (d-)” rating on shares of EchoStar in a report on Wednesday, January 21st. Finally, Citigroup increased their price target on EchoStar from $111.00 to $121.00 and gave the stock a “neutral” rating in a report on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, EchoStar currently has a consensus rating of “Hold” and a consensus price target of $134.17.

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.