ProShare Advisors LLC Has $2.21 Million Stock Position in EchoStar Corporation $SATS

ProShare Advisors LLC lowered its position in shares of EchoStar Corporation (NASDAQ:SATS) by 14.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,920 shares of the communications equipment provider’s stock after selling 4,854 shares during the quarter. ProShare Advisors LLC’s holdings in EchoStar were worth $2,208,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D lifted its stake in EchoStar by 34.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 89,902 shares of the communications equipment provider’s stock valued at $2,490,000 after buying an additional 23,195 shares during the period. SG Americas Securities LLC increased its stake in shares of EchoStar by 575.2% in the 3rd quarter. SG Americas Securities LLC now owns 35,321 shares of the communications equipment provider’s stock valued at $2,697,000 after acquiring an additional 30,090 shares during the last quarter. Phoenix Financial Ltd. acquired a new stake in shares of EchoStar in the 3rd quarter valued at approximately $780,000. Hennessy Advisors Inc. acquired a new stake in shares of EchoStar in the 3rd quarter valued at approximately $42,464,000. Finally, State of Wyoming bought a new position in EchoStar during the 3rd quarter worth approximately $1,508,000. Institutional investors own 33.62% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on SATS shares. TD Cowen reaffirmed a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. Morgan Stanley raised shares of EchoStar from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $82.00 to $110.00 in a report on Wednesday, December 10th. Williams Trading set a $158.00 price objective on shares of EchoStar in a research report on Wednesday, January 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a report on Wednesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on EchoStar from $97.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, EchoStar has an average rating of “Moderate Buy” and an average price target of $133.83.

EchoStar Trading Up 2.4%

Shares of NASDAQ:SATS opened at $113.15 on Friday. The firm has a market cap of $32.57 billion, a price-to-earnings ratio of -2.52 and a beta of 1.01. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $132.25. The company’s fifty day simple moving average is $112.95 and its 200 day simple moving average is $80.58. The company has a quick ratio of 0.56, a current ratio of 0.61 and a debt-to-equity ratio of 3.11.

Insider Buying and Selling

In other EchoStar news, CEO Hamid Akhavan sold 285,832 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $105.33, for a total transaction of $30,106,684.56. Following the completion of the transaction, the chief executive officer owned 376,805 shares of the company’s stock, valued at $39,688,870.65. This represents a 43.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO John Swieringa sold 22,000 shares of EchoStar stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $67.34, for a total transaction of $1,481,480.00. Following the completion of the sale, the chief operating officer owned 283,509 shares in the company, valued at $19,091,496.06. This trade represents a 7.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 55.90% of the company’s stock.

EchoStar 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.