MYDA Advisors LLC Purchases New Holdings in EchoStar Corporation $SATS

MYDA Advisors LLC purchased a new stake in EchoStar Corporation (NASDAQ:SATS) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 110,000 shares of the communications equipment provider’s stock, valued at approximately $11,957,000. EchoStar makes up approximately 2.3% of MYDA Advisors LLC’s holdings, making the stock its 9th biggest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. HB Wealth Management LLC raised its holdings in EchoStar by 2.0% in the 4th quarter. HB Wealth Management LLC now owns 4,933 shares of the communications equipment provider’s stock valued at $536,000 after acquiring an additional 98 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in EchoStar by 2.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the communications equipment provider’s stock valued at $611,000 after acquiring an additional 114 shares during the last quarter. Fifth Third Bancorp raised its holdings in EchoStar by 8.1% in the 4th quarter. Fifth Third Bancorp now owns 1,800 shares of the communications equipment provider’s stock valued at $196,000 after acquiring an additional 135 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its holdings in EchoStar by 0.5% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 30,118 shares of the communications equipment provider’s stock valued at $3,274,000 after acquiring an additional 144 shares during the last quarter. Finally, Hollencrest Capital Management acquired a new stake in EchoStar in the 4th quarter valued at about $26,000. 33.62% of the stock is owned by hedge funds and other institutional investors.

EchoStar Price Performance

Shares of NASDAQ SATS opened at $114.08 on Monday. The company has a 50 day simple moving average of $126.01 and a 200-day simple moving average of $114.82. The company has a market capitalization of $33.06 billion, a P/E ratio of -2.28 and a beta of 0.95. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27. EchoStar Corporation has a 1 year low of $16.73 and a 1 year high of $147.25.

EchoStar (NASDAQ:SATS) last announced its quarterly earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.03). The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.65 billion. EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.During the same quarter in the prior year, the business earned ($0.71) EPS.

Wall Street Analysts Forecast Growth

SATS has been the subject of a number of recent research reports. TD Cowen increased their price objective on shares of EchoStar from $129.00 to $155.00 and gave the company a “buy” rating in a report on Monday, May 18th. Williams Trading set a $155.00 price objective on shares of EchoStar in a report on Monday, May 18th. UBS Group increased their price objective on shares of EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Zacks Research downgraded shares of EchoStar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. Finally, New Street Research initiated coverage on shares of EchoStar in a report on Wednesday, May 13th. They issued a “buy” rating and a $161.00 price objective for the company. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $137.14.

More EchoStar News

Here are the key news stories impacting EchoStar this week:

• Positive Sentiment: EchoStar remains closely tied to enthusiasm around the SpaceX IPO, and that relationship helped drive a sharp run-up in the stock earlier in the week as traders speculated on the value of EchoStar’s SpaceX stake. All Eyes on SpaceX IPO Today
• Positive Sentiment: Analyst targets on SATS remain above the current share price, with recent estimates implying upside if the company can stabilize operations and reduce balance-sheet risk. SpaceX IPO Crowds Pre-Market Sentiment
• Neutral Sentiment: The SpaceX IPO is dominating market chatter and has increased trading interest in Space-related names, which has boosted volatility in EchoStar rather than changing the company’s fundamentals directly. Stock Movers Ahead of SpaceX Debut
• Negative Sentiment: EchoStar disclosed that its DISH DBS subsidiary missed about $183 million in interest payments due June 1, which is a default under the indentures unless cured during the grace period; that has renewed default and liquidity worries. EchoStar shares slide as missed interest payment rekindles default and liquidity concerns
• Negative Sentiment: After the recent surge, traders appear to be taking profits, and Friday’s weakness reflects a pullback from the SpaceX-linked rally combined with renewed concern about refinancing risk. Stock Market Today, June 12: EchoStar Falls as SpaceX-Linked Rally Meets DISH DBS Payment Risk

Insider Buying and Selling at EchoStar

In related news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the completion of the transaction, the chief executive officer owned 865,633 shares of the company’s stock, valued at approximately $104,741,593. This trade represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.70% of the company’s stock.

EchoStar Company Profile

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.