EchoStar Corporation (NASDAQ:SATS) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its holdings in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 9.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,377 shares of the communications equipment provider's stock after selling 10,583 shares during the period. New York State Teachers Retirement System's holdings in EchoStar were worth $2,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Fifth Third Bancorp increased its position in EchoStar by 44.5% during the 1st quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock valued at $47,000 after buying an additional 567 shares in the last quarter. Xponance Inc. increased its position in EchoStar by 8.7% during the 4th quarter. Xponance Inc. now owns 8,773 shares of the communications equipment provider's stock valued at $201,000 after buying an additional 701 shares in the last quarter. Gilder Gagnon Howe & Co. LLC increased its position in EchoStar by 2.0% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 47,604 shares of the communications equipment provider's stock valued at $1,090,000 after buying an additional 941 shares in the last quarter. Farther Finance Advisors LLC increased its position in EchoStar by 8,125.0% during the 1st quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock valued at $25,000 after buying an additional 975 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in EchoStar by 39.6% during the 1st quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock valued at $88,000 after buying an additional 976 shares in the last quarter. 33.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Citigroup increased their price objective on EchoStar from $27.00 to $28.50 and gave the company a "neutral" rating in a report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $24.70.

EchoStar Price Performance

Shares of SATS stock opened at $31.36 on Tuesday. The stock's 50-day simple moving average is $22.57 and its 200-day simple moving average is $24.60. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.19 and a current ratio of 1.26. The firm has a market capitalization of $9.01 billion, a PE ratio of -41.81 and a beta of 0.90. EchoStar Corporation has a fifty-two week low of $14.79 and a fifty-two week high of $32.48.

EchoStar (NASDAQ:SATS - Get Free Report) last announced its quarterly earnings data on Friday, May 9th. The communications equipment provider reported ($0.71) earnings per share for the quarter, beating analysts' consensus estimates of ($0.90) by $0.19. The business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.87 billion. EchoStar had a negative return on equity of 1.08% and a negative net margin of 1.37%. The company's revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.40) earnings per share. Equities analysts expect that EchoStar Corporation will post -1.99 earnings per share for the current year.

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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