Palestra Capital Management LLC Has $9.21 Million Stock Holdings in EchoStar Corporation $SATS

Key Points

• Palestra Capital Management LLC has reduced its holdings in EchoStar Corporation by 49.8%, selling 357,139 shares to end up with 360,000 shares, which is now approximately 0.4% of its investment portfolio.
• EchoStar reported a quarterly earnings per share of ($1.06), exceeding analysts' expectations of ($1.12), although its revenue decreased by 5.8% year-over-year to $3.72 billion.
• Analysts have increased their target prices for EchoStar, with Deutsche Bank raising it from $43.00 to $67.00, and a mix of ratings including "buy" and "hold" from various firms.

Palestra Capital Management LLC reduced its stake in EchoStar Corporation (NASDAQ:SATS - Free Report) by 49.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 360,000 shares of the communications equipment provider's stock after selling 357,139 shares during the period. EchoStar makes up approximately 0.4% of Palestra Capital Management LLC's holdings, making the stock its 23rd largest holding. Palestra Capital Management LLC owned approximately 0.13% of EchoStar worth $9,209,000 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 boosted its stake in EchoStar by 8,125.0% in the 1st quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock valued at $25,000 after buying an additional 975 shares in the last quarter. State of Wyoming acquired a new position in EchoStar during the fourth quarter worth $47,000. Fifth Third Bancorp lifted its holdings in shares of EchoStar by 44.5% during the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock valued at $47,000 after acquiring an additional 567 shares during the period. GAMMA Investing LLC boosted its stake in shares of EchoStar by 39.6% in the 1st quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock valued at $88,000 after purchasing an additional 976 shares in the last quarter. Finally, Brooklyn Investment Group boosted its stake in shares of EchoStar by 70,980.0% in the 1st quarter. Brooklyn Investment Group now owns 3,554 shares of the communications equipment provider's stock valued at $91,000 after purchasing an additional 3,549 shares in the last quarter. Institutional investors own 33.62% of the company's stock.

EchoStar Price Performance

Shares of EchoStar stock traded up $2.94 during midday trading on Tuesday, reaching $83.57. The company had a trading volume of 10,160,885 shares, compared to its average volume of 7,626,415. 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 stock has a fifty day simple moving average of $37.10 and a 200 day simple moving average of $28.28. EchoStar Corporation has a 1-year low of $14.90 and a 1-year high of $85.37. The company has a market capitalization of $24.04 billion, a price-to-earnings ratio of -79.59 and a beta of 0.99.

EchoStar (NASDAQ:SATS - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The communications equipment provider reported ($1.06) EPS for the quarter, beating analysts' consensus estimates of ($1.12) by $0.06. The firm 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%.The business's quarterly revenue was down 5.8% compared to the same quarter last year. During the same period last year, the company earned ($0.76) EPS. As a group, equities research analysts forecast that EchoStar Corporation will post -1.99 earnings per share for the current year.

Analysts Set New Price Targets

SATS has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft set a $105.00 target price on shares of EchoStar in a research report on Tuesday. Morgan Stanley upped their price objective on shares of EchoStar from $59.00 to $91.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Cowen reiterated a "buy" rating on shares of EchoStar in a research note on Wednesday, August 27th. Citigroup reissued a "neutral" rating on shares of EchoStar in a report on Friday, August 29th. Finally, TD Cowen raised their price target on EchoStar from $28.00 to $67.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, EchoStar presently has a consensus rating of "Hold" and an average price target of $63.90.

EchoStar Company 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.