OP Asset Management Ltd Invests $1.64 Million in EchoStar Corporation $SATS

OP Asset Management Ltd purchased a new stake in shares of EchoStar Corporation (NASDAQ:SATS) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,987 shares of the communications equipment provider’s stock, valued at approximately $1,637,000.

Several other hedge funds have also made changes to their positions in SATS. Hollencrest Capital Management acquired a new position in EchoStar in the 4th quarter worth approximately $26,000. CoreCap Advisors LLC purchased a new position in EchoStar during the 4th quarter worth approximately $28,000. Rosenberg Matthew Hamilton acquired a new stake in EchoStar during the 4th quarter valued at $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in EchoStar during the 3rd quarter valued at $38,000. Finally, Tucker Asset Management LLC purchased a new stake in shares of EchoStar in the fourth quarter valued at $42,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

EchoStar Trading Down 0.1%

NASDAQ SATS opened at $103.80 on Monday. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17. EchoStar Corporation has a 1-year low of $24.15 and a 1-year high of $147.25. The firm’s fifty day simple moving average is $122.46 and its 200-day simple moving average is $117.21. The company has a market capitalization of $30.08 billion, a PE ratio of -2.07 and a beta of 0.94.

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

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. UBS Group lifted their price target on EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Zacks Research lowered EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Williams Trading set a $155.00 target price on EchoStar in a research note on Monday, May 18th. Wall Street Zen upgraded EchoStar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of EchoStar in a research report on Monday, April 20th. Four research 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 company presently has a consensus rating of “Hold” and a consensus price target of $137.71.

Insider Activity at EchoStar

In related news, CEO Hamid Akhavan sold 52,586 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the sale, the chief executive officer owned 865,633 shares of the company’s stock, valued at approximately $104,741,593. The trade was a 5.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.90% of the company’s stock.

About EchoStar

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.