Quarry LP Buys 16,002 Shares of EchoStar Corporation $SATS

Key Points

• Quarry LP significantly increased its stake in EchoStar Corporation by 394.8%, now owning 20,055 shares valued at $513,000 as of the latest SEC filing.
• Wall Street analysts have raised their price targets for EchoStar, with Morgan Stanley and TD Cowen setting targets at $59.00 and $67.00, respectively, indicating growth expectations for the company.
• EchoStar reported a quarterly earnings loss of ($1.06) EPS, surpassing estimates but showing a 5.8% decline in revenue year-over-year.

Quarry LP lifted its holdings in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 394.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 20,055 shares of the communications equipment provider's stock after purchasing an additional 16,002 shares during the period. Quarry LP's holdings in EchoStar were worth $513,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its holdings in shares of EchoStar by 8,125.0% during the 1st quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock valued at $25,000 after purchasing an additional 975 shares during the last quarter. State of Wyoming bought a new position in shares of EchoStar during the 4th quarter valued at $47,000. Fifth Third Bancorp grew its holdings in shares of EchoStar by 44.5% during the 1st quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock valued at $47,000 after purchasing an additional 567 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of EchoStar by 39.6% during the 1st quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock valued at $88,000 after purchasing an additional 976 shares during the last quarter. Finally, Brooklyn Investment Group boosted its position in EchoStar by 70,980.0% during the 1st quarter. Brooklyn Investment Group now owns 3,554 shares of the communications equipment provider's stock valued at $91,000 after buying an additional 3,549 shares during the period. Institutional investors own 33.62% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of EchoStar from $43.00 to $67.00 and gave the stock a "buy" rating in a report on Wednesday, August 27th. Citigroup reissued a "neutral" rating on shares of EchoStar in a report on Friday, August 29th. Cowen reissued a "buy" rating on shares of EchoStar in a report on Wednesday, August 27th. Morgan Stanley raised their price target on shares of EchoStar from $25.00 to $59.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 27th. Finally, TD Cowen raised their price target on shares of EchoStar from $28.00 to $67.00 and gave the stock a "buy" rating in a report on Wednesday, August 27th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $49.90.

EchoStar Stock Up 5.2%

Shares of EchoStar stock traded up $3.31 during trading on Thursday, hitting $67.22. The company's stock had a trading volume of 4,537,903 shares, compared to its average volume of 3,375,792. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.22. The company has a fifty day simple moving average of $33.33 and a two-hundred day simple moving average of $27.05. The company has a market capitalization of $19.34 billion, a PE ratio of -64.02 and a beta of 0.99. EchoStar Corporation has a 52 week low of $14.90 and a 52 week high of $67.36.

EchoStar (NASDAQ:SATS - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.12) by $0.06. The company had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.80 billion. EchoStar had a negative net margin of 2.04% and a negative return on equity of 1.58%. EchoStar's quarterly revenue was down 5.8% compared to the same quarter last year. During the same period last year, the business earned ($0.76) EPS. Equities research analysts predict 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.