Kodai Capital Management LP Acquires New Shares in EchoStar Corporation $SATS

Key Points

• Kodai Capital Management LP acquired a new stake in EchoStar Corporation, buying 103,741 shares for approximately $2.65 million, according to their recent 13F filing.
• Several other institutional investors, including Gabelli Funds LLC and Corebridge Financial Inc., significantly increased their holdings in EchoStar during the same period, with 33.62% of the stock now owned by such investors.
• Analysts have issued positive ratings, with Deutsche Bank upgrading EchoStar's price target from $43 to $67 and multiple firms maintaining a "buy" rating, reflecting strong market confidence in the company.

Kodai Capital Management LP purchased a new stake in EchoStar Corporation (NASDAQ:SATS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 103,741 shares of the communications equipment provider's stock, valued at approximately $2,654,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Diameter Capital Partners LP lifted its holdings in shares of EchoStar by 523.7% during the 4th quarter. Diameter Capital Partners LP now owns 5,026,823 shares of the communications equipment provider's stock valued at $115,114,000 after buying an additional 4,220,853 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of EchoStar by 325.3% during the 4th quarter. Deutsche Bank AG now owns 940,950 shares of the communications equipment provider's stock valued at $21,548,000 after buying an additional 719,685 shares during the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of EchoStar by 223.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 498,154 shares of the communications equipment provider's stock valued at $11,408,000 after buying an additional 343,913 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of EchoStar by 25.3% during 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 during the last quarter. Finally, Zimmer Partners LP acquired a new stake in shares of EchoStar during the 4th quarter valued at about $6,526,000. Institutional investors and hedge funds own 33.62% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SATS shares. Citigroup reaffirmed a "neutral" rating on shares of EchoStar in a research report on Friday. Cowen reaffirmed a "buy" rating on shares of EchoStar in a research report on Wednesday, August 27th. TD Cowen lifted their price target on EchoStar from $28.00 to $67.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. Morgan Stanley lifted their price target on EchoStar from $25.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on EchoStar from $43.00 to $67.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $49.90.

EchoStar Stock Performance

Shares of SATS traded up $4.84 on Monday, reaching $61.79. 12,437,823 shares of the stock traded hands, 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. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.22 and a quick ratio of 1.15. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $61.87. The stock's 50-day moving average price is $31.75 and its 200-day moving average price is $26.53.

EchoStar (NASDAQ:SATS - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) EPS for the quarter, beating the consensus estimate of ($1.12) by $0.06. The business had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.80 billion. EchoStar had a negative return on equity of 1.58% and a negative net margin of 2.04%.EchoStar's quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.76) EPS. Equities analysts forecast that EchoStar Corporation will post -1.99 EPS 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.