BI Asset Management Fondsmaeglerselskab A S Sells 84,530 Shares of EchoStar Corporation $SATS

Key Points

• BI Asset Management Fondsmaeglerselskab A S significantly reduced its holdings in EchoStar Corporation, cutting its stake by 93.4% in the first quarter, dropping to just 5,977 shares.
• Institutional interest in EchoStar fluctuated, with Farther Finance Advisors LLC increasing its position by an impressive 8,125% in the same period, while other firms like Fifth Third Bancorp and Brooklyn Investment Group also boosted their stakes.
• Analysts have generally assigned a "Hold" rating to EchoStar, with Citigroup adjusting their price target from $27.00 to $28.50, indicating a cautious optimism for the stock's performance.

BI Asset Management Fondsmaeglerselskab A S lessened its stake in EchoStar Corporation (NASDAQ:SATS - Free Report) by 93.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,977 shares of the communications equipment provider's stock after selling 84,530 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in EchoStar were worth $153,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of SATS. Farther Finance Advisors LLC increased its holdings in shares of EchoStar by 8,125.0% in the first quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock worth $25,000 after acquiring an additional 975 shares in the last quarter. State of Wyoming acquired a new position in EchoStar during the fourth quarter valued at approximately $47,000. Fifth Third Bancorp boosted its position in EchoStar by 44.5% during the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock valued at $47,000 after purchasing an additional 567 shares during the last quarter. GAMMA Investing LLC boosted its position in EchoStar by 39.6% during the first quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock valued at $88,000 after purchasing an additional 976 shares during the last quarter. Finally, Brooklyn Investment Group lifted its position in shares of EchoStar by 70,980.0% in the first quarter. Brooklyn Investment Group now owns 3,554 shares of the communications equipment provider's stock valued at $91,000 after buying an additional 3,549 shares during the last quarter. 33.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. TD Cowen raised their price objective on EchoStar from $28.00 to $67.00 and gave the company a "buy" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price objective on EchoStar from $43.00 to $67.00 and gave the stock a "buy" rating in a research note on Wednesday. Citigroup lifted their price target on EchoStar from $27.00 to $28.50 and gave the company a "neutral" rating in a research note on Monday, June 23rd. Morgan Stanley raised their price objective on EchoStar from $25.00 to $59.00 and gave the company an "equal weight" rating in a report on Wednesday. Finally, Cowen reissued a "buy" rating on shares of EchoStar in a report on Wednesday. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $49.90.

EchoStar Stock Performance

Shares of NASDAQ SATS traded down $1.81 during midday trading on Thursday, reaching $56.95. The company's stock had a trading volume of 8,128,007 shares, compared to its average volume of 3,284,139. EchoStar Corporation has a 12-month low of $14.90 and a 12-month high of $59.64. The firm has a 50 day moving average price of $29.64 and a 200-day moving average price of $25.92. The stock has a market capitalization of $16.39 billion, a P/E ratio of -54.24 and a beta of 0.94. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.22 and a quick ratio of 1.15.

EchoStar (NASDAQ:SATS - Get Free Report) last announced its earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) earnings per share for the quarter, topping analysts' consensus estimates of ($1.12) by $0.06. EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.The firm had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.80 billion. During the same quarter in the previous year, the business earned ($0.76) EPS. The company's revenue was down 5.8% compared to the same quarter last year. As a group, equities analysts predict that EchoStar Corporation will post -1.99 earnings per share for the current year.

About EchoStar

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.