Choreo LLC Makes New Investment in EchoStar Corporation $SATS

Choreo LLC bought a new position in shares of EchoStar Corporation (NASDAQ:SATS) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 6,684 shares of the communications equipment provider’s stock, valued at approximately $510,000.

A number of other large investors have also made changes to their positions in the stock. Darsana Capital Partners LP boosted its holdings in EchoStar by 15.5% during 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 buying an additional 1,201,672 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of EchoStar by 11.5% during the 2nd quarter. Geode Capital Management LLC now owns 3,449,193 shares of the communications equipment provider’s stock worth $95,553,000 after acquiring an additional 355,009 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of EchoStar by 32.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,268,572 shares of the communications equipment provider’s stock worth $35,139,000 after acquiring an additional 313,314 shares during the period. Invesco Ltd. grew its holdings in shares of EchoStar by 30.1% in the 2nd quarter. Invesco Ltd. now owns 913,292 shares of the communications equipment provider’s stock worth $25,298,000 after acquiring an additional 211,421 shares during the period. Finally, Hennessy Advisors Inc. purchased a new position in EchoStar in the 3rd quarter valued at approximately $42,464,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

EchoStar Stock Performance

Shares of SATS stock opened at $110.85 on Friday. The company has a current ratio of 0.42, a quick ratio of 0.56 and a debt-to-equity ratio of 3.21. The company has a market cap of $31.91 billion, a PE ratio of -2.20 and a beta of 1.01. The company’s fifty day simple moving average is $115.52 and its 200-day simple moving average is $88.39. EchoStar Corporation has a 52 week low of $14.90 and a 52 week high of $132.25.

Insider Activity at EchoStar

In other news, CEO Hamid Akhavan sold 285,832 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $105.33, for a total value of $30,106,684.56. Following the completion of the sale, the chief executive officer owned 376,805 shares of the company’s stock, valued at $39,688,870.65. This represents a 43.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 55.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SATS has been the topic of several research reports. Williams Trading set a $158.00 target price on EchoStar in a report on Wednesday, January 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of EchoStar in a research note on Wednesday, January 21st. TD Cowen restated a “buy” rating on shares of EchoStar in a research report on Wednesday, January 7th. Deutsche Bank Aktiengesellschaft upped their price target on shares of EchoStar from $97.00 to $131.00 and gave the company a “buy” rating in a report on Friday, December 19th. Finally, Citigroup raised their price objective on shares of EchoStar from $111.00 to $121.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $134.17.

About EchoStar

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.