EchoStar Corporation $SATS Position Boosted by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D increased its stake in EchoStar Corporation by 34.8%, now owning 89,902 shares valued at approximately $2.49 million.
• Multiple large investors, including Moment Partners LLC and Tiptree Advisors LLC, made significant changes to their holdings in EchoStar during the second quarter, reflecting increased institutional interest.
• Analysts have shown mixed ratings on EchoStar stock, with a consensus rating of "Moderate Buy" and a target price of $75.20, despite a recent earnings report showing a loss of $1.06 per share.

State of New Jersey Common Pension Fund D lifted its stake in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 34.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 89,902 shares of the communications equipment provider's stock after purchasing an additional 23,195 shares during the period. State of New Jersey Common Pension Fund D's holdings in EchoStar were worth $2,490,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Moment Partners LLC lifted its position in shares of EchoStar by 100.1% during the second quarter. Moment Partners LLC now owns 18,252 shares of the communications equipment provider's stock worth $506,000 after purchasing an additional 9,130 shares during the last quarter. AlphaQuest LLC bought a new position in shares of EchoStar during the second quarter worth about $130,000. Ethic Inc. bought a new position in shares of EchoStar during the second quarter worth about $221,000. Tiptree Advisors LLC lifted its position in shares of EchoStar by 63.3% during the second quarter. Tiptree Advisors LLC now owns 219,211 shares of the communications equipment provider's stock worth $6,072,000 after purchasing an additional 85,000 shares during the last quarter. Finally, Securian Asset Management Inc. lifted its position in shares of EchoStar by 11.4% during the second quarter. Securian Asset Management Inc. now owns 10,219 shares of the communications equipment provider's stock worth $283,000 after purchasing an additional 1,043 shares during the last quarter. Institutional investors own 33.62% of the company's stock.

Analyst Ratings Changes

SATS has been the topic of several research analyst reports. Cowen reaffirmed a "buy" rating on shares of EchoStar in a research report on Wednesday, August 27th. Zacks Research raised shares of EchoStar from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of EchoStar in a report on Wednesday, October 8th. TD Cowen raised their target price on shares of EchoStar from $28.00 to $67.00 and gave the stock a "buy" rating in a report on Wednesday, August 27th. Finally, Morgan Stanley raised their target price on shares of EchoStar from $59.00 to $91.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 9th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.20.

EchoStar Stock Performance

SATS opened at $74.80 on Wednesday. The business's 50 day moving average is $68.77 and its 200-day moving average is $40.10. The stock has a market cap of $21.52 billion, a PE ratio of -71.24 and a beta of 0.96. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 1.28. EchoStar Corporation has a twelve month low of $14.90 and a twelve month high of $85.37.

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

Insiders Place Their Bets

In other news, Director Kathleen Q. Abernathy sold 16,754 shares of EchoStar stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $82.35, for a total transaction of $1,379,691.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO John Swieringa sold 154,835 shares of EchoStar stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $81.20, for a total value of $12,572,602.00. Following the sale, the chief operating officer directly owned 432 shares in the company, valued at approximately $35,078.40. This trade represents a 99.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 460,740 shares of company stock worth $35,967,480. 55.70% of the stock is currently owned by corporate insiders.

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.

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