EchoStar Corporation $SATS Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has decreased its stake in EchoStar Corporation by 2.8%, selling 385,536 shares and now holding approximately 4.66% of the company, worth around $341.5 million.
• Several institutional investors, including Farther Finance Advisors LLC and Fifth Third Bancorp, have significantly increased their holdings in EchoStar, highlighting growing institutional interest.
• EchoStar reported a loss of ($1.06) earnings per share recently, beating estimates slightly, but their revenue decreased by 5.8% compared to the same quarter last year.

Vanguard Group Inc. trimmed its position in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) by 2.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,352,197 shares of the communications equipment provider's stock after selling 385,536 shares during the quarter. Vanguard Group Inc. owned 4.66% of EchoStar worth $341,549,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Darsana Capital Partners LP boosted its holdings in EchoStar by 133.3% during the 4th quarter. Darsana Capital Partners LP now owns 7,000,000 shares of the communications equipment provider's stock valued at $160,300,000 after acquiring an additional 4,000,000 shares during the period. Diameter Capital Partners LP boosted its holdings in EchoStar by 523.7% during the 4th quarter. Diameter Capital Partners LP now owns 5,026,823 shares of the communications equipment provider's stock valued at $115,114,000 after acquiring an additional 4,220,853 shares during the period. Pennant Investors LP boosted its holdings in EchoStar by 4.2% during the 4th quarter. Pennant Investors LP now owns 2,417,837 shares of the communications equipment provider's stock valued at $55,368,000 after acquiring an additional 97,000 shares during the period. Northern Trust Corp boosted its holdings in EchoStar by 6.1% during the 4th quarter. Northern Trust Corp now owns 1,356,396 shares of the communications equipment provider's stock valued at $31,061,000 after acquiring an additional 78,421 shares during the period. Finally, Deutsche Bank AG boosted its holdings in EchoStar by 325.3% during the 4th quarter. Deutsche Bank AG now owns 940,950 shares of the communications equipment provider's stock valued at $21,548,000 after acquiring an additional 719,685 shares during the period. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Citigroup raised their target price on EchoStar from $27.00 to $28.50 and gave the company a "neutral" rating in a report on Monday, June 23rd. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $27.88.

EchoStar Stock Down 0.5%

Shares of NASDAQ SATS traded down $0.15 during midday trading on Thursday, hitting $27.50. 1,702,905 shares of the company's stock were exchanged, compared to its average volume of 2,534,428. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.22 and a quick ratio of 1.15. EchoStar Corporation has a twelve month low of $14.90 and a twelve month high of $34.20. The company has a market cap of $7.91 billion, a PE ratio of -26.19 and a beta of 0.94. The firm's fifty day simple moving average is $28.08 and its 200-day simple moving average is $25.54.

EchoStar (NASDAQ:SATS - Get Free Report) last issued 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 business 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% on a year-over-year basis. During the same quarter last year, the company earned ($0.76) EPS. Research analysts predict that EchoStar Corporation will post -1.99 EPS for the current fiscal year.

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.