Gabelli Funds LLC lessened its stake in EchoStar Co. (NASDAQ:SATS – Free Report) by 6.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 559,691 shares of the communications equipment provider’s stock after selling 38,350 shares during the quarter. Gabelli Funds LLC owned 0.67% of EchoStar worth $9,705,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in SATS. Norges Bank acquired a new position in EchoStar in the 4th quarter valued at approximately $5,660,000. Millennium Management LLC increased its stake in EchoStar by 38.5% in the 4th quarter. Millennium Management LLC now owns 1,142,117 shares of the communications equipment provider’s stock valued at $19,051,000 after buying an additional 317,417 shares during the period. BlackRock Inc. increased its stake in EchoStar by 7.2% in the 1st quarter. BlackRock Inc. now owns 3,912,523 shares of the communications equipment provider’s stock valued at $71,560,000 after buying an additional 263,947 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in EchoStar by 74.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 551,748 shares of the communications equipment provider’s stock valued at $10,091,000 after buying an additional 235,902 shares during the period. Finally, Hudson Bay Capital Management LP increased its stake in shares of EchoStar by 47.2% during the 1st quarter. Hudson Bay Capital Management LP now owns 723,229 shares of the communications equipment provider’s stock worth $13,228,000 after purchasing an additional 231,868 shares during the last quarter. Institutional investors and hedge funds own 97.19% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the stock. StockNews.com assumed coverage on shares of EchoStar in a research note on Tuesday. They set a “buy” rating on the stock. Citigroup reduced their price target on shares of EchoStar from $25.00 to $17.00 and set a “neutral” rating for the company in a report on Monday, October 16th. Raymond James dropped their price objective on shares of EchoStar from $54.00 to $37.00 and set a “strong-buy” rating for the company in a research note on Tuesday, November 7th. Finally, TheStreet cut shares of EchoStar from a “c” rating to a “d+” rating in a research report on Monday, November 6th.
EchoStar Stock Up 1.7 %
Shares of NASDAQ SATS opened at $10.61 on Tuesday. The firm has a market capitalization of $890.29 million, a PE ratio of 9.56 and a beta of 0.77. The company has a current ratio of 6.23, a quick ratio of 6.23 and a debt-to-equity ratio of 0.41. EchoStar Co. has a 1 year low of $9.53 and a 1 year high of $24.80. The firm’s 50-day moving average is $14.41 and its 200-day moving average is $16.72.
EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in two segments, Hughes and EchoStar Satellite Services (ESS). The Hughes segment offers broadband network technologies, managed services, equipment, hardware, satellite services, and communications solutions to government and enterprise customers.
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