EchoStar Corporation $SATS Shares Sold by Pennant Investors LP

Key Points

• Pennant Investors LP has reduced its holdings in EchoStar Corporation ($SATS) by 15.3%, owning 2,046,751 shares after selling 371,086 shares in the 1st quarter, making it their 2nd largest position.
• Recently, multiple institutional investors notably increased their stakes in EchoStar, with Darsana Capital Partners LP raising its position by 133.3% and Diameter Capital Partners LP increasing by 523.7%.
• EchoStar reported earnings of ($1.06) per share, exceeding expectations but showing a 5.8% decline in revenue year-over-year, highlighting ongoing challenges for the company.

Pennant Investors LP lowered its holdings in EchoStar Corporation (NASDAQ:SATS - Free Report) by 15.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,046,751 shares of the communications equipment provider's stock after selling 371,086 shares during the quarter. EchoStar accounts for about 13.7% of Pennant Investors LP's investment portfolio, making the stock its 2nd largest position. Pennant Investors LP owned about 0.71% of EchoStar worth $52,356,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Kodai Capital Management LP bought a new stake in shares of EchoStar in the 1st quarter worth approximately $2,654,000. Gabelli Funds LLC lifted its position in shares of EchoStar by 38.6% in the 1st quarter. Gabelli Funds LLC now owns 289,805 shares of the communications equipment provider's stock worth $7,413,000 after acquiring an additional 80,700 shares during the period. FORA Capital LLC bought a new stake in shares of EchoStar in the 1st quarter worth approximately $451,000. Corebridge Financial Inc. lifted its position in shares of EchoStar by 196.8% in the 1st quarter. Corebridge Financial Inc. now owns 192,280 shares of the communications equipment provider's stock worth $4,919,000 after acquiring an additional 127,496 shares during the period. Finally, MetLife Investment Management LLC lifted its position in shares of EchoStar by 84.9% in the 1st quarter. MetLife Investment Management LLC now owns 136,810 shares of the communications equipment provider's stock worth $3,500,000 after acquiring an additional 62,837 shares during the period. Institutional investors own 33.62% of the company's stock.

EchoStar Stock Up 8.5%

EchoStar stock traded up $4.84 during mid-day trading on Monday, hitting $61.79. The stock had a trading volume of 12,437,823 shares, compared to its average volume of 5,989,474. The stock has a 50-day simple moving average of $31.75 and a two-hundred day simple moving average of $26.53. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $61.87. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.22 and a quick ratio of 1.15.

EchoStar (NASDAQ:SATS - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The communications equipment provider reported ($1.06) EPS for the quarter, topping analysts' consensus estimates of ($1.12) by $0.06. EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.The business had revenue of $3.72 billion during the quarter, compared to analysts' expectations of $3.80 billion. During the same period in the previous year, the firm earned ($0.76) earnings per share. The firm's quarterly revenue was down 5.8% compared to the same quarter last year. On average, research analysts expect that EchoStar Corporation will post -1.99 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on SATS. Morgan Stanley raised their price objective on EchoStar from $25.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 27th. Cowen restated a "buy" rating on shares of EchoStar in a research report on Wednesday, August 27th. TD Cowen raised their target price on EchoStar from $28.00 to $67.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. Citigroup restated a "neutral" rating on shares of EchoStar in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft raised their price target on EchoStar from $43.00 to $67.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $49.90.

EchoStar Company 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.