DRW Securities LLC Makes New Investment in EchoStar Corporation $SATS

Key Points

• DRW Securities LLC has acquired a stake of approximately $266,000 in EchoStar Corporation, purchasing 10,400 shares in the first quarter.
• EchoStar's stock has increased 8.5% and has shown significant growth with a fifty-two week range from $14.90 to $61.87.
• Analysts have issued mixed ratings, with Deutsche Bank increasing its price target to $67.00, while the consensus rating remains a "Hold" with a target of $49.90.

DRW Securities LLC bought a new position in EchoStar Corporation (NASDAQ:SATS - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,400 shares of the communications equipment provider's stock, valued at approximately $266,000.

Several other large investors have also bought and sold shares of SATS. Amalgamated Bank raised its holdings in shares of EchoStar by 50.3% during the first quarter. Amalgamated Bank now owns 53,287 shares of the communications equipment provider's stock valued at $1,363,000 after purchasing an additional 17,830 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of EchoStar by 4.7% during the first quarter. Rhumbline Advisers now owns 391,985 shares of the communications equipment provider's stock valued at $10,027,000 after purchasing an additional 17,448 shares during the last quarter. Swiss National Bank raised its holdings in shares of EchoStar by 8.7% during the first quarter. Swiss National Bank now owns 270,025 shares of the communications equipment provider's stock valued at $6,907,000 after purchasing an additional 21,600 shares during the last quarter. Retirement Systems of Alabama purchased a new position in shares of EchoStar during the first quarter valued at approximately $3,762,000. Finally, Corebridge Financial Inc. raised its holdings in shares of EchoStar by 196.8% during the first quarter. Corebridge Financial Inc. now owns 192,280 shares of the communications equipment provider's stock valued at $4,919,000 after purchasing an additional 127,496 shares during the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

EchoStar Stock Performance

NASDAQ SATS traded up $0.02 during trading hours on Friday, hitting $67.24. 7,060,492 shares of the company's stock traded hands, compared to its average volume of 6,220,040. The business's fifty day moving average price is $34.94 and its two-hundred day moving average price is $27.57. 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 firm has a market capitalization of $19.35 billion, a P/E ratio of -64.04 and a beta of 0.99. EchoStar Corporation has a 52 week low of $14.90 and a 52 week high of $70.19.

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 for the quarter, topping analysts' consensus estimates of ($1.12) by $0.06. The business had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.80 billion. EchoStar had a negative net margin of 2.04% and a negative return on equity of 1.58%. The company's revenue was down 5.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.76) earnings per share. Equities research analysts predict that EchoStar Corporation will post -1.99 EPS 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.