Tiptree Advisors LLC Purchases 85,000 Shares of EchoStar Corporation $SATS

Key Points

• Tiptree Advisors LLC increased its stake in EchoStar Corporation by 63.3%, acquiring an additional 85,000 shares, making EchoStar its 10th largest holding.
• Multiple hedge funds have recently adjusted their positions in EchoStar, with a significant boost from Farther Finance Advisors LLC at 8,125%, now holding 987 shares.
• Wall Street analysts remain optimistic about EchoStar, with a consensus rating of "Moderate Buy" and a target price of $75.20 despite mixed ratings from various firms.

Tiptree Advisors LLC lifted its position in EchoStar Corporation (NASDAQ:SATS - Free Report) by 63.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 219,211 shares of the communications equipment provider's stock after acquiring an additional 85,000 shares during the period. EchoStar accounts for approximately 4.8% of Tiptree Advisors LLC's investment portfolio, making the stock its 10th biggest holding. Tiptree Advisors LLC owned about 0.08% of EchoStar worth $6,072,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in SATS. Farther Finance Advisors LLC boosted its holdings in EchoStar by 8,125.0% in 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 boosted its holdings in EchoStar by 39.6% in 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. Retirement Systems of Alabama purchased a new stake in EchoStar in the first quarter valued at $3,762,000. Asset Management One Co. Ltd. purchased a new stake in EchoStar in the first quarter valued at $175,000. Finally, Amalgamated Bank boosted its holdings in EchoStar by 50.3% in the first quarter. Amalgamated Bank now owns 53,287 shares of the communications equipment provider's stock valued at $1,363,000 after purchasing an additional 17,830 shares during the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SATS has been the topic of several recent research reports. Cowen reaffirmed a "buy" rating on shares of EchoStar in a report on Wednesday, August 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of EchoStar in a report on Wednesday, October 8th. Citigroup raised shares of EchoStar from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 9th. Morgan Stanley upped their price target on shares of EchoStar from $59.00 to $91.00 and gave the company an "equal weight" rating in a report on Tuesday, September 9th. Finally, Deutsche Bank Aktiengesellschaft set a $105.00 price target on shares of EchoStar in a report on Tuesday, September 9th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, EchoStar has a consensus rating of "Moderate Buy" and a consensus target price of $75.20.

Insider Activity

In other news, Director Kathleen Q. Abernathy sold 16,754 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $82.35, for a total transaction of $1,379,691.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO John Swieringa sold 154,835 shares of the firm's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $81.20, for a total transaction of $12,572,602.00. Following the completion of the transaction, the chief operating officer directly owned 432 shares in the company, valued at $35,078.40. This represents a 99.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 460,740 shares of company stock valued at $35,967,480. Insiders own 55.70% of the company's stock.

EchoStar Trading Down 0.5%

SATS stock opened at $73.77 on Wednesday. The company's 50-day simple moving average is $64.20 and its 200-day simple moving average is $38.18. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 1.28. EchoStar Corporation has a 52-week low of $14.90 and a 52-week high of $85.37. The firm has a market cap of $21.23 billion, a P/E ratio of -70.26 and a beta of 0.96.

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 (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $3.80 billion. During the same period in the prior year, the company posted ($0.76) EPS. The company's revenue for the quarter was down 5.8% on a year-over-year basis. As a group, 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.

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