Moore Capital Management LP Has $10.12 Million Position in EchoStar Corporation $SATS

Moore Capital Management LP lowered its stake in EchoStar Corporation (NASDAQ:SATS) by 32.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 132,498 shares of the communications equipment provider’s stock after selling 63,502 shares during the quarter. Moore Capital Management LP’s holdings in EchoStar were worth $10,118,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in SATS. Deseret Mutual Benefit Administrators bought a new stake in EchoStar in the third quarter valued at approximately $28,000. Bessemer Group Inc. grew its holdings in shares of EchoStar by 79.1% in the 3rd quarter. Bessemer Group Inc. now owns 838 shares of the communications equipment provider’s stock valued at $64,000 after buying an additional 370 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of EchoStar by 593.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 922 shares of the communications equipment provider’s stock valued at $70,000 after buying an additional 789 shares during the period. Lazard Asset Management LLC bought a new stake in shares of EchoStar in the 2nd quarter valued at $73,000. Finally, Smartleaf Asset Management LLC increased its position in shares of EchoStar by 55.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,515 shares of the communications equipment provider’s stock valued at $112,000 after buying an additional 540 shares in the last quarter. 33.62% of the stock is owned by institutional investors and hedge funds.

Insider Activity at EchoStar

In other EchoStar news, CEO Hamid Akhavan sold 71,005 shares of the company’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the sale, the chief executive officer owned 823,293 shares of the company’s stock, valued at approximately $88,520,463.36. This represents a 7.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO John Swieringa sold 50,088 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total value of $5,688,995.04. Following the sale, the chief operating officer owned 253,535 shares of the company’s stock, valued at approximately $28,796,505.30. The trade was a 16.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 55.70% of the stock is currently owned by company insiders.

EchoStar Price Performance

Shares of NASDAQ:SATS opened at $114.33 on Tuesday. The firm’s fifty day moving average is $115.60 and its 200-day moving average is $92.66. EchoStar Corporation has a 52 week low of $14.90 and a 52 week high of $132.25. The firm has a market cap of $32.91 billion, a PE ratio of -2.27 and a beta of 1.01. The company has a debt-to-equity ratio of 3.21, a quick ratio of 0.38 and a current ratio of 0.42.

Analysts Set New Price Targets

SATS has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of EchoStar from $97.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Williams Trading set a $158.00 price target on EchoStar in a research report on Wednesday, January 7th. TD Cowen restated a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. UBS Group lifted their price target on EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Finally, Citigroup lifted their target price on EchoStar from $111.00 to $121.00 and gave the stock a “neutral” rating in a report on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $134.17.

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.