FORA Capital LLC Makes New Investment in EchoStar Corporation $SATS

Key Points

• FORA Capital LLC acquired a new stake in EchoStar Corporation, purchasing 17,644 shares valued at around $451,000 in the first quarter.
• Multiple analysts have revised their price targets for EchoStar, with significant increases from Citigroup, Deutsche Bank, and Morgan Stanley, indicating a bullish outlook for the stock.
• EchoStar reported a revenue decline of 5.8% year-over-year, with quarterly earnings of ($1.06) per share, exceeding expectations but showing ongoing financial challenges.

FORA Capital LLC bought a new position in EchoStar Corporation (NASDAQ:SATS - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 17,644 shares of the communications equipment provider's stock, valued at approximately $451,000.

Other large investors have also bought and sold shares of the company. Amalgamated Bank raised its holdings in EchoStar by 50.3% in the first quarter. Amalgamated Bank now owns 53,287 shares of the communications equipment provider's stock worth $1,363,000 after buying an additional 17,830 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of EchoStar by 4.7% during the first quarter. Rhumbline Advisers now owns 391,985 shares of the communications equipment provider's stock valued at $10,027,000 after purchasing an additional 17,448 shares during the last quarter. Swiss National Bank raised its holdings in shares of EchoStar by 8.7% during the first quarter. Swiss National Bank now owns 270,025 shares of the communications equipment provider's stock valued at $6,907,000 after purchasing an additional 21,600 shares during the last quarter. Retirement Systems of Alabama purchased a new position in shares of EchoStar during the first quarter valued at approximately $3,762,000. Finally, GAMMA Investing LLC raised its holdings in shares of EchoStar by 3,470.8% during the first quarter. GAMMA Investing LLC now owns 88,021 shares of the communications equipment provider's stock valued at $2,252,000 after purchasing an additional 85,556 shares during the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

EchoStar Price Performance

Shares of SATS traded up $4.84 during mid-day trading on Monday, reaching $61.79. The stock had a trading volume of 12,437,823 shares, compared to its average volume of 5,989,474. The firm has a market cap of $17.78 billion, a price-to-earnings ratio of -58.85 and a beta of 0.98. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $61.87. The business has a fifty day moving average of $31.02 and a 200 day moving average of $26.30. 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 (NASDAQ:SATS - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) earnings per share for the quarter, topping analysts' consensus estimates of ($1.12) by $0.06. The business 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%. The company's revenue was down 5.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.76) earnings per share. Equities analysts predict that EchoStar Corporation will post -1.99 EPS 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.