EchoStar Corporation $SATS Shares Sold by Quadcap Wealth Management LLC

Key Points

• Quadcap Wealth Management LLC reduced its stake in EchoStar Corporation by 28.2%, owning 19,349 shares valued at approximately $495,000 as per its latest SEC filing.
• Analysts have given EchoStar a consensus rating of "Hold," with Citigroup increasing the target price from $27.00 to $28.50.
• EchoStar reported ($1.06) earnings per share for the last quarter, which exceeded expectations by $0.06, despite a 5.8% year-over-year revenue decline.

Quadcap Wealth Management LLC reduced its stake in EchoStar Corporation (NASDAQ:SATS - Free Report) by 28.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,349 shares of the communications equipment provider's stock after selling 7,588 shares during the quarter. Quadcap Wealth Management LLC's holdings in EchoStar were worth $495,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of SATS. Farther Finance Advisors LLC increased its position 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 acquiring an additional 975 shares during the last quarter. State of Wyoming acquired a new position in EchoStar during the 4th quarter worth $47,000. Fifth Third Bancorp increased its stake 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 worth $47,000 after buying an additional 567 shares during the period. GAMMA Investing LLC raised its holdings 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 lifted its holdings in EchoStar by 70,980.0% during the 1st quarter. Brooklyn Investment Group now owns 3,554 shares of the communications equipment provider's stock worth $91,000 after buying an additional 3,549 shares during the last quarter. Institutional investors and hedge funds own 33.62% of the company's stock.

EchoStar Stock Up 8.5%

Shares of NASDAQ SATS traded up $4.84 during midday trading on Friday, reaching $61.79. 12,437,823 shares of the company's stock were exchanged, compared to its average volume of 5,787,269. The stock has a market capitalization of $17.78 billion, a PE ratio of -58.85 and a beta of 0.94. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.22. The business's fifty day moving average price is $31.02 and its two-hundred day moving average price is $26.34. EchoStar Corporation has a 52-week low of $14.90 and a 52-week high of $61.87.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of EchoStar from $43.00 to $67.00 and gave the company a "buy" rating in a report on Wednesday. Cowen reissued a "buy" rating on shares of EchoStar in a research note on Wednesday. Citigroup reissued a "neutral" rating on shares of EchoStar in a research note on Friday. Morgan Stanley boosted their price objective on shares of EchoStar from $25.00 to $59.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, TD Cowen raised their price target on EchoStar from $28.00 to $67.00 and gave the company a "buy" rating in a research report on Wednesday. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $49.90.

About EchoStar

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.