Pennant Select LLC Sells 176,000 Shares of EchoStar Corporation $SATS

Key Points

• Pennant Select LLC has reduced its stake in EchoStar Corporation by 11.6%, retaining 1,343,065 shares, making it the firm's biggest position at approximately $34.36 million.
• EchoStar's quarterly earnings showed a loss of ($1.06) EPS, beating estimates, but revenue fell by 5.8% year-over-year, totaling $3.72 billion.
• Recent analyst reports have increased EchoStar's price targets, with TD Cowen setting a target of $67.00 and maintaining a "buy" rating, reflecting growing confidence in the company's future performance.

Pennant Select LLC trimmed its position in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 11.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,343,065 shares of the communications equipment provider's stock after selling 176,000 shares during the quarter. EchoStar makes up about 26.4% of Pennant Select LLC's investment portfolio, making the stock its biggest position. Pennant Select LLC owned 0.47% of EchoStar worth $34,356,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its stake in EchoStar by 44.5% during the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock worth $47,000 after buying an additional 567 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of EchoStar by 8,125.0% during the first quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock valued at $25,000 after purchasing an additional 975 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of EchoStar by 39.6% during the first 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 during the last quarter. State of Wyoming bought a new stake in shares of EchoStar during the fourth quarter valued at approximately $47,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of EchoStar by 4.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 69,283 shares of the communications equipment provider's stock valued at $1,587,000 after purchasing an additional 2,712 shares during the last quarter. 33.62% of the stock is owned by institutional investors.

EchoStar Stock Performance

SATS traded up $4.84 during mid-day trading on Monday, hitting $61.79. The stock had a trading volume of 12,437,823 shares, compared to its average volume of 5,989,474. The stock's fifty day simple moving average is $31.75 and its 200-day simple moving average is $26.53. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 1.28. EchoStar Corporation has a 1-year low of $14.90 and a 1-year high of $61.87.

EchoStar (NASDAQ:SATS - Get Free Report) last posted its earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) earnings per share for the quarter, topping the consensus estimate of ($1.12) by $0.06. The company had revenue of $3.72 billion for 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%. The business's revenue for the quarter was down 5.8% compared to the same quarter last year. During the same period last year, the business posted ($0.76) earnings per share. Sell-side analysts anticipate that EchoStar Corporation will post -1.99 earnings per share for the current year.

Analyst Ratings Changes

SATS has been the topic of several research analyst reports. Cowen reissued a "buy" rating on shares of EchoStar in a research note on Wednesday, August 27th. Deutsche Bank Aktiengesellschaft increased their price target on shares of EchoStar from $43.00 to $67.00 and gave the company a "buy" rating in a research note on Wednesday, August 27th. Morgan Stanley raised their price objective on shares of EchoStar from $25.00 to $59.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 27th. Citigroup reaffirmed a "neutral" rating on shares of EchoStar in a research note on Friday. Finally, TD Cowen raised their price objective on shares of EchoStar from $28.00 to $67.00 and gave the company a "buy" rating in a research note on Wednesday, August 27th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, EchoStar currently has an average rating of "Hold" and a consensus target price of $49.90.

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.