Exchange Traded Concepts LLC Buys Shares of 17,803 EchoStar Corporation $SATS

Exchange Traded Concepts LLC purchased a new stake in shares of EchoStar Corporation (NASDAQ:SATS) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 17,803 shares of the communications equipment provider’s stock, valued at approximately $1,935,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of EchoStar by 6.0% in the first quarter. AQR Capital Management LLC now owns 26,805 shares of the communications equipment provider’s stock worth $672,000 after acquiring an additional 1,511 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in EchoStar by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,482 shares of the communications equipment provider’s stock valued at $1,854,000 after acquiring an additional 3,199 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in EchoStar by 8.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 331,476 shares of the communications equipment provider’s stock worth $8,479,000 after purchasing an additional 24,749 shares during the last quarter. Strs Ohio purchased a new position in EchoStar in the first quarter worth about $128,000. Finally, Legal & General Group Plc grew its stake in shares of EchoStar by 13.1% during the 2nd quarter. Legal & General Group Plc now owns 208,982 shares of the communications equipment provider’s stock valued at $5,789,000 after purchasing an additional 24,132 shares during the period. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

EchoStar Stock Performance

Shares of SATS opened at $120.60 on Thursday. The business has a 50-day simple moving average of $113.48 and a two-hundred day simple moving average of $96.01. The company has a quick ratio of 0.38, a current ratio of 0.42 and a debt-to-equity ratio of 3.21. EchoStar Corporation has a 52 week low of $14.90 and a 52 week high of $132.25. The stock has a market cap of $34.84 billion, a price-to-earnings ratio of -2.40 and a beta of 1.00.

Analysts Set New Price Targets

Several research firms have recently commented on SATS. Morgan Stanley raised shares of EchoStar from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $82.00 to $110.00 in a research report on Wednesday, December 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of EchoStar in a report on Wednesday, January 21st. Williams Trading set a $158.00 target price on shares of EchoStar in a report on Wednesday, January 7th. Zacks Research downgraded shares of EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Finally, TD Cowen reiterated a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $134.17.

Insider Activity at EchoStar

In other news, CEO Hamid Akhavan sold 71,005 shares of the firm’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the sale, the chief executive officer directly owned 823,293 shares in the company, valued at $88,520,463.36. This trade represents a 7.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO John Swieringa sold 50,088 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $113.58, for a total transaction of $5,688,995.04. Following the sale, the chief operating officer owned 253,535 shares in the company, valued at $28,796,505.30. The trade was a 16.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 55.90% of the stock is owned by 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.