Dockside LLC acquired a new position in EchoStar Corporation (NASDAQ:SATS – Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 14,293 shares of the communications equipment provider’s stock, valued at approximately $1,554,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Hollencrest Capital Management purchased a new position in EchoStar in the fourth quarter worth $26,000. CoreCap Advisors LLC purchased a new position in EchoStar in the fourth quarter worth $28,000. Rosenberg Matthew Hamilton purchased a new position in EchoStar in the fourth quarter worth $29,000. Tucker Asset Management LLC purchased a new position in EchoStar in the fourth quarter worth $42,000. Finally, BOKF NA boosted its position in EchoStar by 300.0% in the fourth quarter. BOKF NA now owns 400 shares of the communications equipment provider’s stock worth $43,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 33.62% of the company’s stock.
More EchoStar News
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
Analysts Set New Price Targets
Read Our Latest Stock Report on EchoStar
EchoStar Stock Performance
Shares of SATS opened at $114.08 on Friday. The stock’s 50-day simple moving average is $126.01 and its 200 day simple moving average is $114.51. The stock has a market capitalization of $33.06 billion, a price-to-earnings ratio of -2.28 and a beta of 0.94. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30. EchoStar Corporation has a 52-week low of $16.73 and a 52-week high of $147.25.
EchoStar (NASDAQ:SATS – Get Free Report) last issued its quarterly earnings data on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.03). The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.65 billion. EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.During the same period last year, the company posted ($0.71) EPS.
Insider Transactions at EchoStar
In related news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction dated 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 approximately $104,741,593. This represents a 5.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 55.90% of the company’s stock.
EchoStar 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.
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