8,600 Shares in EchoStar Corporation $SATS Acquired by Marnell Management LLC

Marnell Management LLC purchased a new position in EchoStar Corporation (NASDAQ:SATS) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 8,600 shares of the communications equipment provider’s stock, valued at approximately $935,000.

Several other hedge funds have also made changes to their positions in the stock. Clear Street Group Inc. bought a new stake in shares of EchoStar in the 4th quarter worth approximately $817,000. Dockside LLC bought a new stake in shares of EchoStar in the 4th quarter worth approximately $1,554,000. Arax Advisory Partners lifted its holdings in shares of EchoStar by 22,637.4% in the 4th quarter. Arax Advisory Partners now owns 20,691 shares of the communications equipment provider’s stock worth $2,249,000 after purchasing an additional 20,600 shares during the last quarter. Arvin Capital Management LP bought a new stake in shares of EchoStar in the 4th quarter worth approximately $2,804,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of EchoStar in the 4th quarter worth approximately $61,000. Institutional investors own 33.62% of the company’s stock.

Insiders Place Their Bets

In other EchoStar news, CEO Hamid Akhavan sold 52,586 shares of EchoStar stock in a transaction on Friday, June 5th. The stock was sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the sale, the chief executive officer owned 865,633 shares of the company’s stock, valued at $104,741,593. The trade was a 5.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SATS. TD Cowen raised their price target on EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Wall Street Zen raised EchoStar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. UBS Group raised their price target on EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Williams Trading set a $155.00 price target on EchoStar in a report on Monday, May 18th. Finally, New Street Research started coverage on EchoStar in a research note on Wednesday, May 13th. They set a “buy” rating and a $161.00 target price on the stock. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $137.14.

Key Headlines Impacting EchoStar

Here are the key news stories impacting EchoStar this week:

• Positive Sentiment: EchoStar remains closely tied to enthusiasm around the SpaceX IPO, and that relationship helped drive a sharp run-up in the stock earlier in the week as traders speculated on the value of EchoStar’s SpaceX stake. All Eyes on SpaceX IPO Today
• Positive Sentiment: Analyst targets on SATS remain above the current share price, with recent estimates implying upside if the company can stabilize operations and reduce balance-sheet risk. SpaceX IPO Crowds Pre-Market Sentiment
• Neutral Sentiment: The SpaceX IPO is dominating market chatter and has increased trading interest in Space-related names, which has boosted volatility in EchoStar rather than changing the company’s fundamentals directly. Stock Movers Ahead of SpaceX Debut
• Negative Sentiment: EchoStar disclosed that its DISH DBS subsidiary missed about $183 million in interest payments due June 1, which is a default under the indentures unless cured during the grace period; that has renewed default and liquidity worries. EchoStar shares slide as missed interest payment rekindles default and liquidity concerns
• Negative Sentiment: After the recent surge, traders appear to be taking profits, and Friday’s weakness reflects a pullback from the SpaceX-linked rally combined with renewed concern about refinancing risk. Stock Market Today, June 12: EchoStar Falls as SpaceX-Linked Rally Meets DISH DBS Payment Risk

EchoStar Price Performance

Shares of EchoStar stock opened at $114.08 on Monday. The business’s fifty day moving average price is $126.01 and its two-hundred day moving average price is $114.82. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27. The company has a market capitalization of $33.06 billion, a P/E ratio of -2.28 and a beta of 0.95. EchoStar Corporation has a 1-year low of $16.73 and a 1-year high of $147.25.

EchoStar (NASDAQ:SATS) last announced its earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.03). The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.65 billion. EchoStar had a negative net margin of 97.56% and a negative return on equity of 4.80%. During the same period in the previous year, the firm earned ($0.71) EPS.

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.