EchoStar Corporation $SATS Shares Bought by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC increased its stake in EchoStar Corporation by 38.6% in Q1, now owning a total of 289,805 shares valued at approximately $7.4 million.
• Multiple institutional investors also raised their stakes in EchoStar, with Brooklyn Investment Group notably increasing its holdings by 70,980%.
• EchoStar's latest earnings report revealed a loss of ($1.06) EPS on revenue of $3.72 billion, falling short of analyst expectations.

Gabelli Funds LLC raised its stake in EchoStar Corporation (NASDAQ:SATS - Free Report) by 38.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 289,805 shares of the communications equipment provider's stock after buying an additional 80,700 shares during the quarter. Gabelli Funds LLC owned approximately 0.10% of EchoStar worth $7,413,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. FORA Capital LLC purchased a new stake in EchoStar in the 1st quarter valued at $451,000. Corebridge Financial Inc. grew its holdings in EchoStar by 196.8% in the 1st quarter. Corebridge Financial Inc. now owns 192,280 shares of the communications equipment provider's stock valued at $4,919,000 after buying an additional 127,496 shares in the last quarter. MetLife Investment Management LLC grew its holdings in EchoStar by 84.9% in the 1st quarter. MetLife Investment Management LLC now owns 136,810 shares of the communications equipment provider's stock valued at $3,500,000 after buying an additional 62,837 shares in the last quarter. Atika Capital Management LLC grew its holdings in EchoStar by 7.4% in the 1st quarter. Atika Capital Management LLC now owns 203,300 shares of the communications equipment provider's stock valued at $5,200,000 after buying an additional 13,940 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in EchoStar by 25.3% in the 1st quarter. Northern Trust Corp now owns 1,699,986 shares of the communications equipment provider's stock valued at $43,486,000 after buying an additional 343,590 shares in the last quarter. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

EchoStar Trading Up 8.5%

SATS traded up $4.84 during mid-day trading on Monday, hitting $61.79. 12,437,823 shares of the stock were exchanged, compared to its average volume of 5,989,474. The firm's fifty day moving average is $31.02 and its two-hundred day moving average is $26.30. EchoStar Corporation has a 1-year low of $14.90 and a 1-year high of $61.87. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 1.28. The company has a market cap of $17.78 billion, a PE ratio of -58.85 and a beta of 0.98.

EchoStar (NASDAQ:SATS - Get Free Report) last posted its 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. EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.80 billion. During the same quarter in the prior year, the company earned ($0.76) EPS. EchoStar's revenue was down 5.8% on a year-over-year basis. Equities analysts forecast that EchoStar Corporation will post -1.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SATS has been the topic of several recent analyst reports. Morgan Stanley upped their price target on EchoStar from $25.00 to $59.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 27th. Cowen reaffirmed a "buy" rating on shares of EchoStar in a research note on Wednesday, August 27th. Citigroup reaffirmed a "neutral" rating on shares of EchoStar in a research note on Friday. Deutsche Bank Aktiengesellschaft upped their price target on EchoStar from $43.00 to $67.00 and gave the company a "buy" rating in a research note on Wednesday, August 27th. Finally, TD Cowen upped their price target on EchoStar from $28.00 to $67.00 and gave the company a "buy" rating in a research note on Wednesday, August 27th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $49.90.

EchoStar 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.