Algert Global LLC Raises Position in EchoStar Corporation $SATS

Key Points

• Algert Global LLC significantly increased its stake in EchoStar Corporation by 282.1%, acquiring an additional 111,398 shares to own a total of 150,888 shares valued at approximately $3.86 million.
• Recent earnings revealed that EchoStar reported a loss of ($1.06) EPS, beating analysts' estimates slightly, but revenue fell short with $3.72 billion compared to expected $3.80 billion.
• Citigroup raised its price target for EchoStar from $27.00 to $28.50, maintaining a "neutral" rating, with an average rating of "Hold" from analysts.

Algert Global LLC increased its stake in EchoStar Corporation (NASDAQ:SATS - Free Report) by 282.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 150,888 shares of the communications equipment provider's stock after purchasing an additional 111,398 shares during the period. Algert Global LLC owned approximately 0.05% of EchoStar worth $3,860,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. LPL Financial LLC bought a new position in shares of EchoStar in the 4th quarter valued at $204,000. Cerity Partners LLC raised its position in EchoStar by 24.3% in the fourth quarter. Cerity Partners LLC now owns 13,518 shares of the communications equipment provider's stock valued at $323,000 after purchasing an additional 2,642 shares during the last quarter. Raymond James Financial Inc. bought a new position in EchoStar in the fourth quarter valued at about $3,033,000. XTX Topco Ltd bought a new position in EchoStar in the fourth quarter valued at about $419,000. Finally, Guggenheim Capital LLC raised its position in EchoStar by 22.8% in the fourth quarter. Guggenheim Capital LLC now owns 32,987 shares of the communications equipment provider's stock valued at $755,000 after purchasing an additional 6,116 shares during the last quarter. Institutional investors own 33.62% of the company's stock.

Wall Street Analyst Weigh In

Separately, Citigroup increased their target price on EchoStar from $27.00 to $28.50 and gave the company a "neutral" rating in a research report on Monday, June 23rd. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $27.88.

EchoStar Trading Up 7.7%

Shares of NASDAQ:SATS traded up $2.12 during trading on Friday, reaching $29.62. The stock had a trading volume of 2,309,242 shares, compared to its average volume of 2,514,502. The firm's fifty day moving average is $28.34 and its 200 day moving average is $25.55. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.22. EchoStar Corporation has a 52 week low of $14.90 and a 52 week high of $34.20. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of -28.21 and a beta of 0.94.

EchoStar (NASDAQ:SATS - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The communications equipment provider reported ($1.06) EPS for the quarter, beating the consensus estimate of ($1.12) by $0.06. The firm had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.80 billion. EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.The company's quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.76) earnings per share. As a group, equities 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.