DLD Asset Management LP Purchases New Stake in EchoStar Corporation $SATS

Key Points

• DLD Asset Management LP bought a new position of 32,500,000 shares in EchoStar (~$2.48 billion), making the stock about 13.4% of DLD's portfolio and representing an ~11.3% ownership stake at quarter end.
• Company insiders have been selling sizable positions — CEO Hamid Akhavan sold 285,832 shares for roughly $30.1 million (a 43.1% reduction) and COO John Swieringa sold 50,088 shares for about $5.7 million (a 16.5% reduction) — while insiders overall hold 55.7% of the stock.
• Analysts have trended bullish, with multiple upgrades and an average consensus target of about $134.17, giving EchoStar an overall "Moderate Buy" rating.

DLD Asset Management LP acquired a new position in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 32,500,000 shares of the communications equipment provider's stock, valued at approximately $2,481,700,000. EchoStar makes up about 13.4% of DLD Asset Management LP's investment portfolio, making the stock its 2nd biggest position. DLD Asset Management LP owned 11.30% of EchoStar at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Deseret Mutual Benefit Administrators acquired a new position in shares of EchoStar in the 3rd quarter valued at approximately $28,000. Bessemer Group Inc. lifted its stake in EchoStar by 79.1% in the third quarter. Bessemer Group Inc. now owns 838 shares of the communications equipment provider's stock valued at $64,000 after buying an additional 370 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in EchoStar by 593.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 922 shares of the communications equipment provider's stock valued at $70,000 after purchasing an additional 789 shares during the period. Lazard Asset Management LLC acquired a new position in shares of EchoStar during the second quarter worth approximately $73,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of EchoStar by 55.4% in the third quarter. Smartleaf Asset Management LLC now owns 1,515 shares of the communications equipment provider's stock worth $112,000 after purchasing an additional 540 shares in the last quarter. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

EchoStar Price Performance

Shares of SATS stock opened at $106.24 on Monday. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $132.25. The company has a current ratio of 0.42, a quick ratio of 0.38 and a debt-to-equity ratio of 3.21. The stock has a 50 day moving average of $115.54 and a two-hundred day moving average of $89.79. The company has a market capitalization of $30.58 billion, a P/E ratio of -2.11 and a beta of 1.01.

Insider Buying and Selling at EchoStar

In related news, CEO Hamid Akhavan sold 285,832 shares of the company's stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $105.33, for a total transaction of $30,106,684.56. Following the transaction, the chief executive officer owned 376,805 shares in the company, valued at $39,688,870.65. This represents a 43.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO John Swieringa sold 50,088 shares of the company's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total value of $5,688,995.04. Following the transaction, the chief operating officer directly owned 253,535 shares in the company, valued at approximately $28,796,505.30. This represents a 16.50% decrease in their position. The SEC filing for this sale provides additional information. 55.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SATS. Deutsche Bank Aktiengesellschaft increased their price target on EchoStar from $97.00 to $131.00 and gave the company a "buy" rating in a research note on Friday, December 19th. Morgan Stanley upgraded EchoStar from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $82.00 to $110.00 in a report on Wednesday, December 10th. Citigroup upped their price target on shares of EchoStar from $111.00 to $121.00 and gave the company a "neutral" rating in a research report on Tuesday, February 3rd. Zacks Research raised EchoStar from a "hold" rating to a "strong-buy" rating in a research note on Monday, February 9th. Finally, TD Cowen reiterated a "buy" rating on shares of EchoStar in a report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $134.17.

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.

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