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Louisiana State Employees Retirement System Sells 24,600 Shares of EchoStar Corporation (NASDAQ:SATS)

EchoStar logo with Computer and Technology background

Louisiana State Employees Retirement System decreased its holdings in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 42.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,800 shares of the communications equipment provider's stock after selling 24,600 shares during the quarter. Louisiana State Employees Retirement System's holdings in EchoStar were worth $865,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC lifted its stake in shares of EchoStar by 8,125.0% in the first quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock worth $25,000 after buying an additional 975 shares during the last quarter. State of Wyoming bought a new stake in EchoStar during the fourth quarter valued at about $47,000. Fifth Third Bancorp grew its position in shares of EchoStar by 44.5% in the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock valued at $47,000 after purchasing an additional 567 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of EchoStar by 39.6% during the 1st quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock worth $88,000 after purchasing an additional 976 shares during the last quarter. Finally, Quarry LP boosted its stake in EchoStar by 8,906.7% during the 4th quarter. Quarry LP now owns 4,053 shares of the communications equipment provider's stock valued at $93,000 after purchasing an additional 4,008 shares during the period. Institutional investors own 33.62% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Citigroup upped their price target on EchoStar from $27.00 to $28.50 and gave the stock a "neutral" rating in a report on Monday, June 23rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $24.70.

Read Our Latest Stock Analysis on SATS

EchoStar Stock Performance

Shares of SATS stock traded down $0.21 during mid-day trading on Tuesday, reaching $28.12. The stock had a trading volume of 1,941,481 shares, compared to its average volume of 2,356,015. EchoStar Corporation has a one year low of $14.79 and a one year high of $33.04. The firm has a market cap of $8.08 billion, a PE ratio of -37.49 and a beta of 0.90. The firm's 50 day simple moving average is $24.13 and its 200 day simple moving average is $25.13. The company has a quick ratio of 1.19, a current ratio of 1.26 and a debt-to-equity ratio of 1.26.

EchoStar (NASDAQ:SATS - Get Free Report) last posted its quarterly earnings results on Friday, May 9th. The communications equipment provider reported ($0.71) earnings per share for the quarter, topping analysts' consensus estimates of ($0.90) by $0.19. The firm had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.87 billion. EchoStar had a negative net margin of 1.37% and a negative return on equity of 1.08%. The business's revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.40) earnings per share. On average, analysts forecast that EchoStar Corporation will post -1.99 EPS for the current year.

EchoStar Company Profile

(Free Report)

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.

Read More

Institutional Ownership by Quarter for EchoStar (NASDAQ:SATS)

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