Inspire Investing LLC Sells 69,036 Shares of EchoStar Corporation $SATS

Key Points

• Inspire Investing LLC has reduced its holdings in EchoStar Corporation by 82.6%, selling 69,036 shares and owning only 14,504 shares valued at $402,000 after the transaction.
• Institutional investors overall own 33.62% of EchoStar's stock, with several firms such as Kingstone Capital Partners and Northern Trust adjusting their positions in the second quarter.
• Analysts have varying opinions on EchoStar, with price targets ranging from $28.00 to $105.00, resulting in an average rating of "Hold" and an average price target of $75.20.

Inspire Investing LLC lessened its holdings in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 82.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,504 shares of the communications equipment provider's stock after selling 69,036 shares during the quarter. Inspire Investing LLC's holdings in EchoStar were worth $402,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SATS. Kingstone Capital Partners Texas LLC bought a new position in EchoStar during the second quarter worth about $9,541,000. Northern Trust Corp boosted its position in EchoStar by 25.3% during the first quarter. Northern Trust Corp now owns 1,699,986 shares of the communications equipment provider's stock worth $43,486,000 after purchasing an additional 343,590 shares during the period. Retirement Systems of Alabama bought a new position in EchoStar during the first quarter worth about $3,762,000. Corebridge Financial Inc. boosted its position in EchoStar by 196.8% during the first quarter. Corebridge Financial Inc. now owns 192,280 shares of the communications equipment provider's stock worth $4,919,000 after purchasing an additional 127,496 shares during the period. Finally, Caxton Associates LLP bought a new position in EchoStar during the first quarter worth about $3,172,000. Institutional investors own 33.62% of the company's stock.

Wall Street Analyst Weigh In

SATS has been the subject of a number of research reports. TD Cowen increased their target price on shares of EchoStar from $28.00 to $67.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. Citigroup raised their price objective on shares of EchoStar from $67.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, September 23rd. Deutsche Bank Aktiengesellschaft set a $105.00 price objective on shares of EchoStar in a research report on Tuesday, September 9th. Weiss Ratings restated a "sell (d-)" rating on shares of EchoStar in a research report on Wednesday, October 8th. Finally, Morgan Stanley raised their price objective on shares of EchoStar from $59.00 to $91.00 and gave the company an "equal weight" rating in a research report on Tuesday, September 9th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, EchoStar presently has an average rating of "Hold" and an average price target of $75.20.

Insider Buying and Selling at EchoStar

In other EchoStar news, COO Paul Gaske sold 45,000 shares of EchoStar stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $80.25, for a total transaction of $3,611,250.00. Following the transaction, the chief operating officer directly owned 1,593 shares of the company's stock, valued at approximately $127,838.25. This trade represents a 96.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hamid Akhavan sold 233,918 shares of EchoStar stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $75.35, for a total transaction of $17,625,721.30. Following the transaction, the chief executive officer directly owned 376,805 shares in the company, valued at $28,392,256.75. This trade represents a 38.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 460,740 shares of company stock valued at $35,967,480. 55.70% of the stock is owned by insiders.

EchoStar Trading Up 1.1%

Shares of EchoStar stock opened at $74.85 on Tuesday. EchoStar Corporation has a 1 year low of $14.90 and a 1 year high of $85.37. The firm has a market cap of $21.54 billion, a PE ratio of -71.29 and a beta of 0.96. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.22 and a quick ratio of 1.15. The company has a 50 day simple moving average of $58.62 and a two-hundred day simple moving average of $36.20.

EchoStar (NASDAQ:SATS - Get Free Report) last announced its earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) earnings per share (EPS) for the quarter, beating the consensus estimate 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%. EchoStar's revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.76) earnings per share. Analysts expect that EchoStar Corporation will post -1.99 earnings per share for the current fiscal year.

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.

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