Daytona Street Capital LLC Takes Position in EchoStar Corporation $SATS

Daytona Street Capital LLC acquired a new stake in shares of EchoStar Corporation (NASDAQ:SATS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,432 shares of the communications equipment provider’s stock, valued at approximately $699,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. CoreCap Advisors LLC acquired a new stake in shares of EchoStar during the 4th quarter valued at $28,000. Rosenberg Matthew Hamilton acquired a new stake in shares of EchoStar during the 4th quarter valued at $29,000. Deseret Mutual Benefit Administrators acquired a new stake in shares of EchoStar during the 3rd quarter valued at $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of EchoStar during the 3rd quarter valued at $38,000. Finally, Bessemer Group Inc. lifted its position in shares of EchoStar by 79.1% during the 3rd quarter. Bessemer Group Inc. now owns 838 shares of the communications equipment provider’s stock valued at $64,000 after acquiring an additional 370 shares during the last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.

Insiders Place Their Bets

In other news, COO John Swieringa sold 50,088 shares of the company’s stock in a transaction 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 transaction, the chief operating officer directly owned 253,535 shares of the company’s stock, valued at approximately $28,796,505.30. This represents a 16.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hamid Akhavan sold 71,005 shares of the company’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the completion of the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. 55.90% of the stock is owned by corporate insiders.

EchoStar Price Performance

SATS opened at $126.95 on Tuesday. The stock has a fifty day moving average of $113.68 and a 200-day moving average of $97.39. The firm has a market capitalization of $36.67 billion, a P/E ratio of -2.52 and a beta of 1.00. EchoStar Corporation has a 12-month low of $14.90 and a 12-month high of $132.25. The company has a quick ratio of 0.38, a current ratio of 0.42 and a debt-to-equity ratio of 3.21.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. UBS Group increased their price objective on EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a research report on Wednesday, January 21st. Zacks Research downgraded EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Morgan Stanley upgraded EchoStar from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $82.00 to $110.00 in a report on Wednesday, December 10th. Finally, Williams Trading set a $158.00 target price on EchoStar in a report on Wednesday, January 7th. Three research 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $134.17.

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.