EchoStar Corporation $SATS Shares Sold by Empyrean Capital Partners LP

Key Points

• Empyrean Capital Partners cut its EchoStar stake by 66.8% in the fourth quarter, selling 381,000 shares and leaving it with 189,000 shares worth about $20.5 million.
• EchoStar reported mixed quarterly results, with revenue of $3.67 billion topping estimates but earnings per share of -$0.51 missing expectations; the company also posted weak profitability metrics.
• Analysts remain divided on SATS, with an average Hold rating and a consensus target price of $137.71, while insiders also showed selling activity as CEO Hamid Akhavan sold 52,586 shares in June.

Empyrean Capital Partners LP reduced its position in EchoStar Corporation (NASDAQ:SATS - Free Report) by 66.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,000 shares of the communications equipment provider's stock after selling 381,000 shares during the quarter. Empyrean Capital Partners LP owned approximately 0.07% of EchoStar worth $20,544,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SATS. AQR Capital Management LLC grew its position in EchoStar by 6.0% in the 1st quarter. AQR Capital Management LLC now owns 26,805 shares of the communications equipment provider's stock valued at $672,000 after acquiring an additional 1,511 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in EchoStar by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,482 shares of the communications equipment provider's stock valued at $1,854,000 after acquiring an additional 3,199 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in EchoStar by 8.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 331,476 shares of the communications equipment provider's stock valued at $8,479,000 after acquiring an additional 24,749 shares in the last quarter. Strs Ohio acquired a new position in EchoStar in the 1st quarter valued at about $128,000. Finally, Hsbc Holdings PLC grew its position in EchoStar by 18.6% in the 2nd quarter. Hsbc Holdings PLC now owns 13,528 shares of the communications equipment provider's stock valued at $377,000 after acquiring an additional 2,119 shares in the last quarter. 33.62% of the stock is owned by institutional investors and hedge funds.

EchoStar Stock Performance

Shares of SATS opened at $111.70 on Thursday. The stock has a 50-day simple moving average of $125.33 and a 200-day simple moving average of $115.79. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30. The stock has a market capitalization of $32.37 billion, a PE ratio of -2.23 and a beta of 0.94. EchoStar Corporation has a 1 year low of $24.15 and a 1 year high of $147.25.

EchoStar (NASDAQ:SATS - Get Free Report) last announced its quarterly earnings data on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.03). The company had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.65 billion. EchoStar had a negative net margin of 97.56% and a negative return on equity of 4.80%. During the same quarter in the previous year, the business posted ($0.71) EPS.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. New Street Research set a $165.00 target price on EchoStar in a research report on Monday. TD Cowen lifted their target price on EchoStar from $129.00 to $155.00 and gave the company a "buy" rating in a research report on Monday, May 18th. Wall Street Zen raised EchoStar from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. UBS Group lifted their target price on EchoStar from $125.00 to $127.00 and gave the company a "neutral" rating in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of EchoStar in a research report on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $137.71.

Insider Activity

In other news, CEO Hamid Akhavan sold 52,586 shares of EchoStar stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the transaction, the chief executive officer owned 865,633 shares in the company, valued at approximately $104,741,593. This trade represents a 5.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.90% of the company's stock.

EchoStar Company Profile

EchoStar Corporation NASDAQ: SATS is a global provider of satellite communication solutions, offering a suite of broadband and video delivery services to consumer, enterprise and government customers. The company operates two principal business segments: Broadband and Video. Through its Broadband segment, EchoStar delivers high-speed satellite internet access, managed network services and ground infrastructure for residential, commercial and rural markets. Its Video segment provides satellite fleet operations, teleport facilities and capacity-leasing services to video distributors and content providers.

In the Broadband segment, EchoStar's Hughes Network Systems division designs and manufactures satellite broadband equipment, including user terminals and gateways, and develops advanced network management technologies.

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