Inspire Investing LLC Decreases Stock Holdings in EchoStar Corporation $SATS

Inspire Investing LLC trimmed its position in EchoStar Corporation (NASDAQ:SATS) by 82.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 14,504 shares of the communications equipment provider’s stock after selling 69,036 shares during the period. Inspire Investing LLC’s holdings in EchoStar were worth $402,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Amalgamated Bank increased its stake in shares of EchoStar by 50.3% in the first quarter. Amalgamated Bank now owns 53,287 shares of the communications equipment provider’s stock worth $1,363,000 after buying an additional 17,830 shares during the period. Quarry LP increased its stake in shares of EchoStar by 394.8% in the first quarter. Quarry LP now owns 20,055 shares of the communications equipment provider’s stock worth $513,000 after buying an additional 16,002 shares during the period. Swiss National Bank increased its stake in shares of EchoStar by 8.7% in the first quarter. Swiss National Bank now owns 270,025 shares of the communications equipment provider’s stock worth $6,907,000 after buying an additional 21,600 shares during the period. Retirement Systems of Alabama purchased a new position in shares of EchoStar in the first quarter worth $3,762,000. Finally, Corebridge Financial Inc. increased its stake in shares of EchoStar by 196.8% in the first quarter. Corebridge Financial Inc. now owns 192,280 shares of the communications equipment provider’s stock worth $4,919,000 after buying an additional 127,496 shares during the period. 33.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on SATS shares. Deutsche Bank Aktiengesellschaft set a $105.00 target price on shares of EchoStar in a research note on Tuesday, September 9th. Cowen reissued a “buy” rating on shares of EchoStar in a research report on Wednesday, August 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of EchoStar in a research report on Wednesday, October 8th. TD Cowen boosted their price objective on shares of EchoStar from $28.00 to $67.00 and gave the company a “buy” rating in a research report on Wednesday, August 27th. Finally, Morgan Stanley boosted their price objective on shares of EchoStar from $59.00 to $91.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 9th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, EchoStar has a consensus rating of “Hold” and an average price target of $75.20.

Insider Buying and Selling at EchoStar

In other news, COO Paul Gaske sold 750 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $78.32, for a total transaction of $58,740.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO John Swieringa sold 154,835 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $81.20, for a total transaction of $12,572,602.00. Following the sale, the chief operating officer owned 432 shares in the company, valued at approximately $35,078.40. This trade represents a 99.72% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 460,740 shares of company stock worth $35,967,480. Corporate insiders own 55.70% of the company’s stock.

EchoStar Stock Performance

Shares of SATS stock opened at $74.85 on Tuesday. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $85.37. The stock has a market cap of $21.54 billion, a PE ratio of -71.29 and a beta of 0.96. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 1.28. The company’s fifty day moving average price is $58.62 and its 200-day moving average price is $36.20.

EchoStar (NASDAQ:SATS) last announced its earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) EPS for the quarter, beating analysts’ consensus estimates of ($1.12) by $0.06. EchoStar had a negative net margin of 2.04% and a negative return on equity of 1.58%. The firm had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.80 billion. During the same quarter in the previous year, the business posted ($0.76) EPS. The company’s quarterly revenue was down 5.8% on a year-over-year basis. On average, equities analysts expect that EchoStar Corporation will post -1.99 EPS for the current fiscal year.

EchoStar Company 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.