Algert Global LLC Cuts Stake in EchoStar Co. (NASDAQ:SATS)

Algert Global LLC trimmed its position in EchoStar Co. (NASDAQ:SATS) by 21.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 67,887 shares of the communications equipment provider’s stock after selling 18,260 shares during the period. Algert Global LLC’s holdings in EchoStar were worth $1,685,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. State Board of Administration of Florida Retirement System purchased a new stake in shares of EchoStar during the first quarter worth $237,000. Vanguard Group Inc. raised its holdings in EchoStar by 238.7% in the 1st quarter. Vanguard Group Inc. now owns 13,707,909 shares of the communications equipment provider’s stock valued at $195,338,000 after acquiring an additional 9,661,167 shares during the last quarter. American International Group Inc. lifted its stake in EchoStar by 8.4% in the 1st quarter. American International Group Inc. now owns 65,594 shares of the communications equipment provider’s stock worth $935,000 after purchasing an additional 5,070 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of EchoStar by 2,084.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 108,611 shares of the communications equipment provider’s stock worth $1,547,000 after purchasing an additional 103,640 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of EchoStar by 1,932.1% in the first quarter. Lazard Asset Management LLC now owns 51,127 shares of the communications equipment provider’s stock valued at $728,000 after purchasing an additional 48,611 shares in the last quarter. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other EchoStar news, Chairman Charles W. Ergen bought 1,551,355 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were purchased at an average cost of $28.04 per share, with a total value of $43,499,994.20. Following the purchase, the chairman now directly owns 1,551,355 shares in the company, valued at approximately $43,499,994.20. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 55.90% of the company’s stock.

EchoStar Price Performance

SATS opened at $25.03 on Thursday. The stock’s 50-day moving average price is $24.86 and its 200 day moving average price is $21.02. EchoStar Co. has a 12-month low of $10.18 and a 12-month high of $30.08. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of -2.73 and a beta of 0.70. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 1.11.

Analyst Upgrades and Downgrades

SATS has been the topic of a number of analyst reports. Raymond James downgraded EchoStar from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. TD Cowen lowered their price target on shares of EchoStar from $37.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Morgan Stanley lifted their target price on shares of EchoStar from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Friday, September 13th. UBS Group increased their price target on shares of EchoStar from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $12.00 price objective on shares of EchoStar in a report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, EchoStar has a consensus rating of “Hold” and an average target price of $19.25.

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.