Algert Global LLC Decreases Stake in EchoStar Co. (NASDAQ:SATS)

Algert Global LLC trimmed its position in shares of EchoStar Co. (NASDAQ:SATS) by 21.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 67,887 shares of the communications equipment provider’s stock after selling 18,260 shares during the period. Algert Global LLC’s holdings in EchoStar were worth $1,685,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in SATS. Darsana Capital Partners LP acquired a new stake in shares of EchoStar in the 2nd quarter valued at $36,908,000. State of New Jersey Common Pension Fund D purchased a new position in EchoStar in the second quarter valued at $1,830,000. Vanguard Group Inc. raised its stake in EchoStar by 238.7% in the first quarter. Vanguard Group Inc. now owns 13,707,909 shares of the communications equipment provider’s stock valued at $195,338,000 after buying an additional 9,661,167 shares in the last quarter. Ensign Peak Advisors Inc purchased a new stake in EchoStar during the 2nd quarter worth about $833,000. Finally, Tidal Investments LLC acquired a new position in shares of EchoStar during the 1st quarter worth about $511,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SATS shares. Morgan Stanley raised their target price on EchoStar from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th. TD Cowen cut their price objective on shares of EchoStar from $37.00 to $30.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. StockNews.com upgraded shares of EchoStar to a “sell” rating in a report on Saturday, November 9th. UBS Group lifted their price target on shares of EchoStar from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and issued a $12.00 price objective on shares of EchoStar in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $19.25.

Insider Activity

In related news, Chairman Charles W. Ergen bought 1,551,355 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were bought at an average cost of $28.04 per share, for a total transaction of $43,499,994.20. Following the transaction, the chairman now owns 1,551,355 shares of the company’s stock, valued at approximately $43,499,994.20. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 55.90% of the company’s stock.

EchoStar Price Performance

Shares of NASDAQ:SATS opened at $25.03 on Thursday. The company has a quick ratio of 0.61, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. The company has a 50-day moving average price of $24.86 and a 200 day moving average price of $21.02. EchoStar Co. has a 52 week low of $10.18 and a 52 week high of $30.08. The company has a market cap of $6.80 billion, a P/E ratio of -2.73 and a beta of 0.70.

About EchoStar

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.