Hennessy Advisors Inc. Has $57.26 Million Stock Position in EchoStar Corporation $SATS

Key Points

• Hennessy Advisors trimmed its stake in EchoStar by 5.3% to 526,800 shares worth about $57.26 million, making EchoStar its largest holding (~2% of Hennessy's portfolio) and representing roughly 0.18% of EchoStar.
• Significant insider selling: COO John Swieringa sold 50,088 shares at $113.58 (~$5.69M) and CEO Hamid Akhavan sold 71,005 shares at $107.52 (~$7.63M) in early March, while insiders collectively own about 55.7% of the company.
• Stock & analyst snapshot: EchoStar has a $38.48B market cap, negative P/E (-2.65) and debt/equity of 3.21, with institutional ownership at 33.62% and an average analyst rating of "Hold" (average target $134.17 from 3 Buys, 3 Holds, 1 Sell).

Hennessy Advisors Inc. decreased its holdings in EchoStar Corporation (NASDAQ:SATS - Free Report) by 5.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 526,800 shares of the communications equipment provider's stock after selling 29,300 shares during the quarter. EchoStar accounts for approximately 2.0% of Hennessy Advisors Inc.'s holdings, making the stock its largest position. Hennessy Advisors Inc. owned approximately 0.18% of EchoStar worth $57,263,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of SATS. Deseret Mutual Benefit Administrators bought a new position in shares of EchoStar in the third quarter worth $28,000. CoreCap Advisors LLC acquired a new position in shares of EchoStar in the 4th quarter worth approximately $28,000. Rosenberg Matthew Hamilton bought a new stake in shares of EchoStar during the 4th quarter worth $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of EchoStar during the 3rd quarter worth $38,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of EchoStar during the 4th quarter worth $62,000. Institutional investors own 33.62% of the company's stock.

Insider Buying and Selling at EchoStar

In related news, COO John Swieringa sold 50,088 shares of the business's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total value of $5,688,995.04. Following the sale, the chief operating officer owned 253,535 shares of the company's stock, valued at $28,796,505.30. The trade was a 16.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hamid Akhavan sold 71,005 shares of the business's stock in a transaction on Friday, March 6th. The shares were sold at an average price of $107.52, for a total value of $7,634,457.60. Following the completion of the sale, the chief executive officer directly owned 823,293 shares in the company, valued at approximately $88,520,463.36. This represents a 7.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 55.70% of the stock is owned by insiders.

EchoStar Stock Performance

NASDAQ SATS opened at $133.21 on Monday. The stock has a market cap of $38.48 billion, a P/E ratio of -2.65 and a beta of 1.00. The company's 50-day simple moving average is $115.83 and its 200 day simple moving average is $100.78. EchoStar Corporation has a twelve month low of $14.90 and a twelve month high of $135.88. The company has a quick ratio of 0.38, a current ratio of 0.42 and a debt-to-equity ratio of 3.21.

Wall Street Analyst Weigh In

A number of analysts have commented on SATS shares. Williams Trading set a $158.00 price objective on shares of EchoStar in a research note on Wednesday, January 7th. Zacks Research downgraded shares of EchoStar from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 10th. TD Cowen reiterated a "buy" rating on shares of EchoStar in a research note on Wednesday, January 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of EchoStar in a research note on Wednesday, January 21st. Finally, UBS Group increased their target price on shares of EchoStar from $125.00 to $127.00 and gave the company a "neutral" rating in a research note on Tuesday, March 3rd. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, EchoStar has an average rating of "Hold" and an average target price of $134.17.

About EchoStar

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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