Neo Ivy Capital Management Takes $565,000 Position in EchoStar Corporation $SATS

Neo Ivy Capital Management bought a new position in shares of EchoStar Corporation (NASDAQ:SATS) during the second quarter, Holdings Channel reports. The firm bought 20,408 shares of the communications equipment provider’s stock, valued at approximately $565,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in EchoStar by 11.5% during the second quarter. Geode Capital Management LLC now owns 3,449,193 shares of the communications equipment provider’s stock worth $95,553,000 after buying an additional 355,009 shares during the last quarter. Northern Trust Corp increased its stake in shares of EchoStar by 25.3% during the 1st quarter. Northern Trust Corp now owns 1,699,986 shares of the communications equipment provider’s stock worth $43,486,000 after purchasing an additional 343,590 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of EchoStar by 32.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,268,572 shares of the communications equipment provider’s stock worth $35,139,000 after purchasing an additional 313,314 shares during the period. Rhumbline Advisers lifted its stake in EchoStar by 4.7% in the first quarter. Rhumbline Advisers now owns 391,985 shares of the communications equipment provider’s stock valued at $10,027,000 after purchasing an additional 17,448 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in EchoStar by 13.1% during the first quarter. Empowered Funds LLC now owns 389,311 shares of the communications equipment provider’s stock valued at $9,959,000 after purchasing an additional 45,123 shares during the period. Institutional investors own 33.62% of the company’s stock.

Insiders Place Their Bets

In other EchoStar news, CEO Hamid Akhavan sold 233,918 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $75.35, for a total value of $17,625,721.30. Following the sale, the chief executive officer owned 376,805 shares of the company’s stock, valued at $28,392,256.75. This trade represents a 38.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO John Swieringa sold 154,835 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $81.20, for a total value of $12,572,602.00. Following the transaction, the chief operating officer directly owned 432 shares of the company’s stock, valued at $35,078.40. The trade was a 99.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 460,740 shares of company stock worth $35,967,480. 55.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

SATS has been the topic of several research reports. Cowen restated a “buy” rating on shares of EchoStar in a research note on Wednesday, August 27th. Deutsche Bank Aktiengesellschaft set a $105.00 price objective on EchoStar in a research note on Tuesday, September 9th. Citigroup increased their target price on shares of EchoStar from $85.00 to $87.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a research note on Wednesday, October 8th. Finally, Morgan Stanley upped their price target on shares of EchoStar from $59.00 to $91.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 9th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, EchoStar has an average rating of “Hold” and an average target price of $75.60.

EchoStar Price Performance

Shares of NASDAQ:SATS opened at $68.63 on Friday. The company has a 50 day moving average of $73.09 and a 200 day moving average of $46.06. 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 stock has a market cap of $19.76 billion, a P/E ratio of -65.36 and a beta of 0.94. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $85.37.

EchoStar (NASDAQ:SATS) last posted its earnings results on Thursday, November 6th. The communications equipment provider reported ($44.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.23) by ($43.14). The firm had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.75 billion. EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.52) earnings per share. As a group, sell-side analysts forecast that EchoStar Corporation will post -1.99 EPS for the current fiscal year.

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.