Greenland Capital Management LP Makes New Investment in EchoStar Corporation $SATS

Greenland Capital Management LP acquired a new stake in EchoStar Corporation (NASDAQ:SATS) during the second quarter, HoldingsChannel reports. The firm acquired 7,500 shares of the communications equipment provider’s stock, valued at approximately $208,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC lifted its stake in EchoStar by 16.6% during the second quarter. Nisa Investment Advisors LLC now owns 5,235 shares of the communications equipment provider’s stock worth $145,000 after purchasing an additional 746 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in EchoStar by 6.4% during the second quarter. State of Alaska Department of Revenue now owns 15,055 shares of the communications equipment provider’s stock worth $417,000 after purchasing an additional 910 shares in the last quarter. Securian Asset Management Inc. lifted its position in shares of EchoStar by 11.4% during the 2nd quarter. Securian Asset Management Inc. now owns 10,219 shares of the communications equipment provider’s stock worth $283,000 after buying an additional 1,043 shares during the last quarter. Innealta Capital LLC lifted its position in shares of EchoStar by 13.8% during the 2nd quarter. Innealta Capital LLC now owns 10,677 shares of the communications equipment provider’s stock worth $296,000 after buying an additional 1,293 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of EchoStar by 6.0% in the 1st quarter. AQR Capital Management LLC now owns 26,805 shares of the communications equipment provider’s stock valued at $672,000 after buying an additional 1,511 shares in the last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.

Insider Buying and Selling

In other EchoStar news, CEO Hamid Akhavan sold 233,918 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $75.35, for a total value of $17,625,721.30. Following the transaction, the chief executive officer directly owned 376,805 shares of the company’s stock, valued at approximately $28,392,256.75. The trade was a 38.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Paul Gaske sold 750 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $78.32, for a total transaction of $58,740.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 460,740 shares of company stock worth $35,967,480 over the last three months. 55.90% of the stock is owned by company insiders.

EchoStar Price Performance

Shares of SATS opened at $69.10 on Thursday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.22. EchoStar Corporation has a fifty-two week low of $14.90 and a fifty-two week high of $85.37. The firm has a 50-day simple moving average of $73.41 and a 200-day simple moving average of $45.60. The company has a market capitalization of $19.89 billion, a price-to-earnings ratio of -65.81 and a beta of 0.94.

EchoStar (NASDAQ:SATS) last posted its quarterly earnings data on Thursday, November 6th. The communications equipment provider reported ($44.37) EPS for the quarter, missing the consensus estimate of ($1.23) by ($43.14). EchoStar had a negative net margin of 2.04% and a negative return on equity of 1.58%. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.75 billion. During the same period in the prior year, the company earned ($0.52) earnings per share. The firm’s revenue was down 7.1% on a year-over-year basis. On average, equities research analysts anticipate that EchoStar Corporation will post -1.99 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently commented on SATS. TD Cowen lifted their price target on shares of EchoStar from $28.00 to $67.00 and gave the stock a “buy” rating in a research note on Wednesday, August 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft set a $105.00 target price on EchoStar in a report on Tuesday, September 9th. Zacks Research downgraded EchoStar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 11th. Finally, Morgan Stanley lifted 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. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $75.60.

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.