Comerica Bank Reduces Holdings in EchoStar Corporation $SATS

Key Points

• Comerica Bank has reduced its holdings in EchoStar Corporation by 18.1%, owning 34,526 shares valued at approximately $883,000 after selling 7,643 shares during the 1st quarter.
• Other hedge funds have significantly adjusted their positions, with Farther Finance Advisors LLC increasing their stake by 8,125.0%, now owning 987 shares worth $25,000.
• EchoStar reported a quarterly earnings loss of ($1.06) per share, surpassing analysts' expectations of ($1.12), despite a revenue decline of 5.8% year-over-year.

Comerica Bank decreased its position in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 18.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 34,526 shares of the communications equipment provider's stock after selling 7,643 shares during the quarter. Comerica Bank's holdings in EchoStar were worth $883,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its holdings in shares of EchoStar by 8,125.0% during the first quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock worth $25,000 after purchasing an additional 975 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of EchoStar by 44.5% during the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock worth $47,000 after buying an additional 567 shares during the period. State of Wyoming acquired a new stake in shares of EchoStar during the fourth quarter worth about $47,000. GAMMA Investing LLC boosted its stake in shares of EchoStar by 39.6% during the first quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock worth $88,000 after buying an additional 976 shares during the period. Finally, Brooklyn Investment Group boosted its stake in shares of EchoStar by 70,980.0% during the first quarter. Brooklyn Investment Group now owns 3,554 shares of the communications equipment provider's stock worth $91,000 after buying an additional 3,549 shares during the period. Hedge funds and other institutional investors own 33.62% of the company's stock.

EchoStar Price Performance

SATS stock opened at $67.24 on Friday. The firm has a 50 day moving average of $34.94 and a 200-day moving average of $27.57. EchoStar Corporation has a 12-month low of $14.90 and a 12-month high of $70.19. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 1.28. The company has a market cap of $19.35 billion, a price-to-earnings ratio of -64.04 and a beta of 0.99.

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SATS shares. TD Cowen increased their target price on shares of EchoStar from $28.00 to $67.00 and gave the stock a "buy" rating in a research note on Wednesday, August 27th. Citigroup reiterated a "neutral" rating on shares of EchoStar in a research note on Friday, August 29th. Cowen reiterated a "buy" rating on shares of EchoStar in a research note on Wednesday, August 27th. Morgan Stanley raised their price objective on shares of EchoStar from $25.00 to $59.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 27th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of EchoStar from $43.00 to $67.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $49.90.

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.

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