Y Intercept Hong Kong Ltd Sells 22,604 Shares of EchoStar Corporation $SATS

Y Intercept Hong Kong Ltd lowered its position in EchoStar Corporation (NASDAQ:SATS) by 58.5% during the second quarter, Holdings Channel reports. The institutional investor owned 16,056 shares of the communications equipment provider’s stock after selling 22,604 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in EchoStar were worth $445,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of SATS. Brooklyn Investment Group boosted its position in EchoStar by 70,980.0% in the first quarter. Brooklyn Investment Group now owns 3,554 shares of the communications equipment provider’s stock valued at $91,000 after buying an additional 3,549 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in EchoStar during the first quarter worth about $102,000. Strs Ohio purchased a new stake in shares of EchoStar in the 1st quarter valued at approximately $128,000. AlphaQuest LLC purchased a new position in shares of EchoStar during the 2nd quarter worth $130,000. Finally, Nisa Investment Advisors LLC lifted its stake in EchoStar by 16.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,235 shares of the communications equipment provider’s stock worth $145,000 after acquiring an additional 746 shares in the last quarter. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Insider Transactions at EchoStar

In related news, Director Kathleen Q. Abernathy sold 16,754 shares of the company’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $82.35, for a total value of $1,379,691.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO John Swieringa sold 154,835 shares of EchoStar stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $81.20, for a total transaction of $12,572,602.00. Following the sale, the chief operating officer owned 432 shares in the company, valued at approximately $35,078.40. This trade represents a 99.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 460,740 shares of company stock worth $35,967,480 over the last 90 days. Insiders own 55.70% of the company’s stock.

EchoStar Trading Down 2.3%

Shares of NASDAQ:SATS opened at $70.65 on Friday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.22. The stock’s 50-day moving average is $73.41 and its 200-day moving average is $42.45. The company has a market cap of $20.33 billion, a P/E ratio of -67.29 and a beta of 0.94. EchoStar Corporation has a 52-week low of $14.90 and a 52-week high of $85.37.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SATS. Deutsche Bank Aktiengesellschaft set a $105.00 price target on EchoStar in a research note on Tuesday, September 9th. Cowen reiterated a “buy” rating on shares of EchoStar in a report on Wednesday, August 27th. TD Cowen lifted their target price on EchoStar from $28.00 to $67.00 and gave the company a “buy” rating in a research note on Wednesday, August 27th. Morgan Stanley boosted their price target on EchoStar from $59.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 9th. Finally, Citigroup raised shares of EchoStar from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 9th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, EchoStar presently has an average rating of “Moderate Buy” and a consensus target price of $75.20.

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.