Gabelli Funds LLC Has $21.92 Million Stock Holdings in EchoStar Corporation $SATS

Gabelli Funds LLC decreased its holdings in shares of EchoStar Corporation (NASDAQ:SATS) by 20.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 287,105 shares of the communications equipment provider’s stock after selling 72,700 shares during the period. Gabelli Funds LLC’s holdings in EchoStar were worth $21,923,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Deseret Mutual Benefit Administrators bought a new position in shares of EchoStar during the 3rd quarter worth approximately $28,000. Bessemer Group Inc. grew its position in shares of EchoStar by 79.1% during the 3rd quarter. Bessemer Group Inc. now owns 838 shares of the communications equipment provider’s stock worth $64,000 after buying an additional 370 shares during the period. Farther Finance Advisors LLC increased its stake in shares of EchoStar by 593.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 922 shares of the communications equipment provider’s stock valued at $70,000 after acquiring an additional 789 shares in the last quarter. Lazard Asset Management LLC bought a new stake in shares of EchoStar in the 2nd quarter valued at $73,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of EchoStar by 55.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,515 shares of the communications equipment provider’s stock valued at $112,000 after acquiring an additional 540 shares during the period. Institutional investors and hedge funds own 33.62% of the company’s stock.

Insider Transactions at EchoStar

In other news, CEO Hamid Akhavan sold 285,832 shares of EchoStar stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $105.33, for a total transaction of $30,106,684.56. Following the completion of the transaction, the chief executive officer directly owned 376,805 shares in the company, valued at $39,688,870.65. This trade represents a 43.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO John Swieringa sold 50,088 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total transaction of $5,688,995.04. Following the completion of the sale, the chief operating officer owned 253,535 shares in the company, valued at $28,796,505.30. This represents a 16.50% decrease in their position. The disclosure for this sale is available in the SEC filing. 55.90% of the stock is owned by company insiders.

EchoStar Stock Performance

NASDAQ SATS opened at $106.24 on Friday. The company has a market cap of $30.58 billion, a P/E ratio of -2.11 and a beta of 1.01. The company has a fifty day simple moving average of $115.54 and a 200 day simple moving average of $89.36. The company has a current ratio of 0.42, a quick ratio of 0.56 and a debt-to-equity ratio of 3.21. EchoStar Corporation has a 12-month low of $14.90 and a 12-month high of $132.25.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. TD Cowen reissued a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a report on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of EchoStar from $97.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Morgan Stanley upgraded EchoStar from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $82.00 to $110.00 in a research note on Wednesday, December 10th. Finally, Citigroup boosted their target price on EchoStar from $111.00 to $121.00 and gave the company a “neutral” rating in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $134.17.

About EchoStar

EchoStar Corporation (NASDAQ: SATS) is a global provider of satellite communication solutions, offering a suite of broadband and video delivery services to consumer, enterprise and government customers. The company operates two principal business segments: Broadband and Video. Through its Broadband segment, EchoStar delivers high-speed satellite internet access, managed network services and ground infrastructure for residential, commercial and rural markets. Its Video segment provides satellite fleet operations, teleport facilities and capacity-leasing services to video distributors and content providers.

In the Broadband segment, EchoStar’s Hughes Network Systems division designs and manufactures satellite broadband equipment, including user terminals and gateways, and develops advanced network management technologies.