EchoStar Corporation (NASDAQ:SATS) Shares Bought by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. increased its stake in EchoStar Corporation by 79% during the first quarter, owning 80,223 shares valued at approximately $2.05 million.
• Several other institutional investors have also raised their positions in EchoStar, with holdings now constituting 33.62% of the company’s stock.
• EchoStar recently reported a quarterly earnings loss of ($0.71) EPS, exceeding analysts' expectations, but has seen a 3.6% decline in revenue compared to the prior year.

Victory Capital Management Inc. lifted its stake in EchoStar Corporation (NASDAQ:SATS - Free Report) by 79.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,223 shares of the communications equipment provider's stock after purchasing an additional 35,395 shares during the period. Victory Capital Management Inc.'s holdings in EchoStar were worth $2,052,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Diameter Capital Partners LP raised its position in shares of 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 buying an additional 4,220,853 shares in the last quarter. Darsana Capital Partners LP boosted its stake in EchoStar by 133.3% in the fourth 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 in the last quarter. Deutsche Bank AG boosted its stake in EchoStar by 325.3% in the fourth 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 in the last quarter. Invesco Ltd. grew its holdings in shares of EchoStar by 26.0% during the fourth quarter. Invesco Ltd. now owns 2,301,367 shares of the communications equipment provider's stock valued at $52,701,000 after buying an additional 474,313 shares during the last quarter. Finally, FIL Ltd lifted its position in EchoStar by 139.9% during the fourth quarter. FIL Ltd now owns 601,250 shares of the communications equipment provider's stock valued at $13,769,000 after purchasing an additional 350,650 shares during the period. Institutional investors own 33.62% of the company's stock.

EchoStar Price Performance

Shares of SATS stock traded down $5.23 on Friday, reaching $27.36. 3,955,109 shares of the company were exchanged, compared to its average volume of 2,942,135. The company has a market cap of $7.86 billion, a price-to-earnings ratio of -36.46 and a beta of 0.90. The business has a 50-day moving average price of $25.30 and a 200 day moving average price of $25.47. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.19 and a current ratio of 1.26. EchoStar Corporation has a 1 year low of $14.79 and a 1 year high of $34.20.

EchoStar (NASDAQ:SATS - Get Free Report) last released its earnings results on Friday, August 8th. The communications equipment provider reported ($1.06) EPS for the quarter, topping analysts' consensus estimates of ($1.07) by $0.01. EchoStar had a negative net margin of 1.37% and a negative return on equity of 1.08%. The firm's quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.76) earnings per share. Equities research analysts forecast that EchoStar Corporation will post -1.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Citigroup lifted their price objective on shares of EchoStar from $27.00 to $28.50 and gave the company a "neutral" rating in a report on Monday, June 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $24.70.

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.