State Street Corp Purchases 62,674 Shares of EchoStar Co. (NASDAQ:SATS)

State Street Corp lifted its position in shares of EchoStar Co. (NASDAQ:SATS) by 1.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,776,238 shares of the communications equipment provider’s stock after acquiring an additional 62,674 shares during the period. State Street Corp owned approximately 1.76% of EchoStar worth $118,546,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in SATS. GAMMA Investing LLC increased its holdings in shares of EchoStar by 54.7% in the 3rd quarter. GAMMA Investing LLC now owns 2,231 shares of the communications equipment provider’s stock worth $55,000 after purchasing an additional 789 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of EchoStar by 122.9% during the second quarter. Nisa Investment Advisors LLC now owns 4,199 shares of the communications equipment provider’s stock valued at $75,000 after buying an additional 2,315 shares during the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in EchoStar in the 2nd quarter worth about $89,000. SG Americas Securities LLC bought a new stake in EchoStar in the 3rd quarter worth about $165,000. Finally, XTX Topco Ltd purchased a new position in EchoStar in the 2nd quarter worth about $183,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

EchoStar Stock Down 0.4 %

Shares of SATS stock opened at $23.34 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 1.11. EchoStar Co. has a 12 month low of $11.83 and a 12 month high of $30.08. The stock has a market cap of $6.34 billion, a P/E ratio of -2.55 and a beta of 0.69. The company has a 50 day simple moving average of $24.56 and a two-hundred day simple moving average of $21.57.

Insider Activity

In related news, Chairman Charles W. Ergen bought 1,551,355 shares of the stock in a transaction that occurred 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 completion of 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 55.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on SATS. TD Cowen reduced their price target on shares of EchoStar from $37.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Raymond James downgraded shares of EchoStar from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. StockNews.com raised EchoStar to a “sell” rating in a report on Saturday, November 9th. Finally, Morgan Stanley raised their price target on EchoStar from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $19.25.

EchoStar Profile

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.