Ancient Art L.P. Has $61.57 Million Position in EchoStar Corporation $SATS

Key Points

• Ancient Art L.P. trimmed its EchoStar stake by 15% in the fourth quarter, but still held 566,389 shares worth about $61.6 million, making SATS its third-largest position.
• EchoStar reported a quarterly EPS loss of $0.51, slightly worse than estimates, while revenue of $3.67 billion came in just above expectations.
• Insider selling and mixed analyst sentiment weighed on the stock: CEO Hamid Akhavan sold shares under a 10b5-1 plan, and Wall Street’s consensus rating remains Hold with an average target price of $137.71.

Ancient Art L.P. decreased its position in EchoStar Corporation (NASDAQ:SATS - Free Report) by 15.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 566,389 shares of the communications equipment provider's stock after selling 100,000 shares during the quarter. EchoStar makes up 13.9% of Ancient Art L.P.'s portfolio, making the stock its 3rd biggest position. Ancient Art L.P. owned approximately 0.20% of EchoStar worth $61,566,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in SATS. AQR Capital Management LLC raised its holdings in EchoStar by 6.0% in the first quarter. AQR Capital Management LLC now owns 26,805 shares of the communications equipment provider's stock worth $672,000 after purchasing an additional 1,511 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in EchoStar by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,482 shares of the communications equipment provider's stock valued at $1,854,000 after buying an additional 3,199 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in EchoStar by 8.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 331,476 shares of the communications equipment provider's stock valued at $8,479,000 after buying an additional 24,749 shares during the last quarter. Strs Ohio bought a new position in shares of EchoStar during the first quarter valued at $128,000. Finally, Hsbc Holdings PLC increased its holdings in shares of EchoStar by 18.6% during the second quarter. Hsbc Holdings PLC now owns 13,528 shares of the communications equipment provider's stock valued at $377,000 after acquiring an additional 2,119 shares in the last quarter. Institutional investors own 33.62% of the company's stock.

Insider Activity at EchoStar

In other EchoStar news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction dated 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 $104,741,593. This represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.90% of the stock is owned by company insiders.

EchoStar Trading Down 7.7%

NASDAQ:SATS opened at $111.70 on Thursday. 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 12 month low of $24.15 and a 12 month high of $147.25. The company has a market cap of $32.37 billion, a PE ratio of -2.23 and a beta of 0.94. The company has a 50 day simple moving average of $125.33 and a two-hundred day simple moving average of $115.79.

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SATS. UBS Group raised 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. TD Cowen raised their price target on 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 target on EchoStar in a report on Monday, May 18th. Weiss Ratings restated a "sell (d-)" rating on shares of EchoStar in a report on Monday, April 20th. Finally, New Street Research set a $165.00 price target on EchoStar in a report on Monday. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $137.71.

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.

Want to see what other hedge funds are holding SATS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EchoStar Corporation (NASDAQ:SATS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.