Atika Capital Management LLC Increases Stock Position in EchoStar Corporation $SATS

Key Points

• Atika Capital Management LLC increased its holdings in EchoStar Corporation by 7.4% in the 1st quarter, now owning approximately 203,300 shares valued at $5.2 million.
• Citigroup raised its price target on EchoStar shares from $27.00 to $28.50 and maintained a "neutral" rating, with a consensus price target of $27.88.
• EchoStar reported earnings of ($1.06) per share for the last quarter, beating estimates by $0.06, despite a 5.8% decline in revenue year-over-year.

Atika Capital Management LLC increased its position in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 7.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 203,300 shares of the communications equipment provider's stock after acquiring an additional 13,940 shares during the period. Atika Capital Management LLC owned approximately 0.07% of EchoStar worth $5,200,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC increased its holdings 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 worth $25,000 after acquiring an additional 975 shares during the period. Fifth Third Bancorp increased its holdings in shares of EchoStar by 44.5% in the 1st quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock worth $47,000 after buying an additional 567 shares during the last quarter. State of Wyoming bought a new position in shares of EchoStar in the 4th quarter worth $47,000. GAMMA Investing LLC increased its holdings in shares of EchoStar by 39.6% in the 1st quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock worth $88,000 after buying an additional 976 shares during the last quarter. Finally, Brooklyn Investment Group increased its holdings in shares of EchoStar by 70,980.0% in the 1st quarter. Brooklyn Investment Group now owns 3,554 shares of the communications equipment provider's stock worth $91,000 after buying an additional 3,549 shares during the last quarter. Institutional investors own 33.62% of the company's stock.

Analyst Upgrades and Downgrades

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

EchoStar Trading Up 7.7%

Shares of EchoStar stock traded up $2.12 during trading on Friday, reaching $29.62. The company's stock had a trading volume of 2,309,242 shares, compared to its average volume of 2,514,502. EchoStar Corporation has a 52-week low of $14.90 and a 52-week high of $34.20. The company has a market cap of $8.52 billion, a price-to-earnings ratio of -28.21 and a beta of 0.94. The firm's 50-day moving average is $28.34 and its two-hundred day moving average is $25.53. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 1.28.

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

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.