EchoStar Corporation (NASDAQ:SATS) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue decreased its position in EchoStar Corporation (NASDAQ:SATS - Free Report) by 79.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,145 shares of the communications equipment provider's stock after selling 54,612 shares during the period. State of Alaska Department of Revenue's holdings in EchoStar were worth $361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Diameter Capital Partners LP raised its stake in shares of EchoStar by 523.7% during the 4th quarter. Diameter Capital Partners LP now owns 5,026,823 shares of the communications equipment provider's stock valued at $115,114,000 after buying an additional 4,220,853 shares during the last quarter. Darsana Capital Partners LP boosted its stake in shares of EchoStar by 133.3% in the fourth quarter. Darsana Capital Partners LP now owns 7,000,000 shares of the communications equipment provider's stock worth $160,300,000 after buying an additional 4,000,000 shares during the last quarter. Deutsche Bank AG grew its holdings in EchoStar by 325.3% during the fourth quarter. Deutsche Bank AG now owns 940,950 shares of the communications equipment provider's stock worth $21,548,000 after acquiring an additional 719,685 shares during the period. Invesco Ltd. grew its holdings in EchoStar by 26.0% during the fourth quarter. Invesco Ltd. now owns 2,301,367 shares of the communications equipment provider's stock worth $52,701,000 after acquiring an additional 474,313 shares during the period. Finally, FIL Ltd raised its position in EchoStar by 139.9% during the fourth quarter. FIL Ltd now owns 601,250 shares of the communications equipment provider's stock valued at $13,769,000 after acquiring an additional 350,650 shares in the last quarter. Institutional investors and hedge funds own 33.62% of the company's stock.

Wall Street Analysts Forecast Growth

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

EchoStar Price Performance

Shares of SATS opened at $28.81 on Monday. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.26 and a quick ratio of 1.19. The firm has a 50-day simple moving average of $21.66 and a two-hundred day simple moving average of $24.32. EchoStar Corporation has a 1-year low of $14.79 and a 1-year high of $32.48. The stock has a market cap of $8.28 billion, a PE ratio of -38.41 and a beta of 0.75.

EchoStar (NASDAQ:SATS - Get Free Report) last released its earnings results on Friday, May 9th. The communications equipment provider reported ($0.71) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.90) by $0.19. EchoStar had a negative return on equity of 1.08% and a negative net margin of 1.37%. The firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the business posted ($0.40) earnings per share. EchoStar's revenue was down 3.6% compared to the same quarter last year. As a group, analysts forecast that EchoStar Corporation will post -1.99 EPS 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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