Orvieto Partners L.P. decreased its position in shares of EchoStar Corporation (NASDAQ:SATS – Free Report) by 50.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,000 shares of the communications equipment provider’s stock after selling 5,000 shares during the period. Orvieto Partners L.P.’s holdings in EchoStar were worth $585,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Sachem Head Capital Management LP bought a new stake in shares of EchoStar in the 4th quarter valued at approximately $568,218,000. Norges Bank bought a new position in EchoStar during the fourth quarter valued at approximately $182,111,000. 140 Summer Partners LP acquired a new stake in EchoStar in the fourth quarter valued at approximately $99,678,000. Atreides Management LP bought a new stake in EchoStar in the fourth quarter worth approximately $97,948,000. Finally, Contrarius Group Holdings Ltd grew its position in EchoStar by 68.6% in the fourth quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the communications equipment provider’s stock worth $237,154,000 after acquiring an additional 887,611 shares in the last quarter. 33.62% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, CEO Hamid Akhavan sold 52,586 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the sale, the chief executive officer owned 865,633 shares in the company, valued at approximately $104,741,593. This trade represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.90% of the company’s stock.
EchoStar Trading Down 0.1%
EchoStar (NASDAQ:SATS – Get Free Report) last announced its earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.03). The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.65 billion. EchoStar had a negative net margin of 97.56% and a negative return on equity of 4.80%. During the same quarter in the previous year, the company earned ($0.71) EPS.
Analysts Set New Price Targets
A number of research analysts have recently commented on SATS shares. TD Cowen increased their price objective on EchoStar from $129.00 to $155.00 and gave the company a “buy” rating in a report on Monday, May 18th. Wall Street Zen upgraded EchoStar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Williams Trading set a $155.00 target price on EchoStar in a research report on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. Finally, New Street Research set a $165.00 price target on shares of EchoStar in a research report on Monday, June 15th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $137.71.
Check Out Our Latest Stock Report on SATS
About EchoStar
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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