Charles Schwab Investment Management Inc. Sells 678,185 Shares of EchoStar Corporation $SATS

Charles Schwab Investment Management Inc. cut its holdings in EchoStar Corporation (NASDAQ:SATS - Free Report) by 27.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,755,165 shares of the communications equipment provider's stock after selling 678,185 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.61% of EchoStar worth $44,897,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in SATS. LPL Financial LLC purchased a new stake in EchoStar during the fourth quarter worth $204,000. Cerity Partners LLC boosted its position in shares of EchoStar by 24.3% in the 4th quarter. Cerity Partners LLC now owns 13,518 shares of the communications equipment provider's stock worth $323,000 after buying an additional 2,642 shares in the last quarter. Bank of Montreal Can boosted its position in shares of EchoStar by 119.2% in the 4th quarter. Bank of Montreal Can now owns 27,491 shares of the communications equipment provider's stock worth $630,000 after buying an additional 14,947 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of EchoStar in the 4th quarter worth about $5,351,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of EchoStar in the fourth quarter valued at approximately $3,033,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Citigroup increased their price target on shares of EchoStar from $27.00 to $28.50 and gave the company a "neutral" rating in a research report on Monday, June 23rd. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, EchoStar presently has a consensus rating of "Hold" and a consensus price target of $27.88.

EchoStar Price Performance

Shares of SATS stock traded down $0.2650 during mid-day trading on Thursday, hitting $27.3850. 796,867 shares of the stock traded hands, compared to its average volume of 2,882,925. The company's 50-day simple moving average is $27.89 and its 200-day simple moving average is $25.54. The firm has a market cap of $7.88 billion, a price-to-earnings ratio of -26.06 and a beta of 0.94. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.22. EchoStar Corporation has a twelve month low of $14.90 and a twelve month high of $34.20.

EchoStar (NASDAQ:SATS - Get Free Report) last issued its earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.12) by $0.06. The business 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 company's quarterly revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.76) EPS. As a group, equities research analysts expect that EchoStar Corporation will post -1.99 earnings per share 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.