Seven Grand Managers LLC Invests $21.74 Million in EchoStar Corporation $SATS

Seven Grand Managers LLC acquired a new position in EchoStar Corporation (NASDAQ:SATS) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 200,000 shares of the communications equipment provider’s stock, valued at approximately $21,740,000. EchoStar makes up 1.7% of Seven Grand Managers LLC’s investment portfolio, making the stock its 19th biggest position.

Several other institutional investors have also recently made changes to their positions in SATS. AQR Capital Management LLC raised its stake in shares of EchoStar by 6.0% in the first quarter. AQR Capital Management LLC now owns 26,805 shares of the communications equipment provider’s stock worth $672,000 after buying an additional 1,511 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of EchoStar by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,482 shares of the communications equipment provider’s stock worth $1,854,000 after buying an additional 3,199 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of EchoStar by 8.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 331,476 shares of the communications equipment provider’s stock worth $8,479,000 after buying an additional 24,749 shares during the period. Strs Ohio bought a new position in shares of EchoStar in the first quarter worth about $128,000. Finally, Hsbc Holdings PLC raised its stake in shares of EchoStar by 18.6% in the second quarter. Hsbc Holdings PLC now owns 13,528 shares of the communications equipment provider’s stock worth $377,000 after buying an additional 2,119 shares during the period. Institutional investors own 33.62% of the company’s stock.

EchoStar Stock Down 0.5%

Shares of SATS opened at $122.46 on Thursday. The business’s 50 day moving average is $123.83 and its 200 day moving average is $110.41. The company has a market capitalization of $35.49 billion, a PE ratio of -2.44 and a beta of 0.95. EchoStar Corporation has a 12-month low of $14.90 and a 12-month high of $147.25. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17.

EchoStar (NASDAQ:SATS) last issued its earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.03). The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.65 billion. EchoStar had a negative net margin of 97.56% and a negative return on equity of 4.80%. During the same period last year, the business posted ($0.71) EPS. Research analysts expect that EchoStar Corporation will post -3.79 earnings per share for the current fiscal year.

Insider Activity at EchoStar

In other EchoStar news, CEO Hamid Akhavan sold 71,005 shares of EchoStar stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $107.52, for a total value of $7,634,457.60. Following the sale, the chief executive officer owned 823,293 shares of the company’s stock, valued at $88,520,463.36. The trade was a 7.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO John Swieringa sold 50,088 shares of EchoStar stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total value of $5,688,995.04. Following the completion of the sale, the chief operating officer directly owned 253,535 shares in the company, valued at approximately $28,796,505.30. The trade was a 16.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 55.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SATS. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EchoStar in a research note on Monday, April 20th. Williams Trading set a $155.00 price objective on EchoStar in a research note on Monday, May 18th. TD Cowen raised their price objective on EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. New Street Research assumed coverage on EchoStar in a research note on Wednesday, May 13th. They issued a “buy” rating and a $161.00 price objective on the stock. Finally, Citigroup lifted their target price on EchoStar from $111.00 to $121.00 and gave the company a “neutral” rating in a research note on Tuesday, February 3rd. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, EchoStar presently has an average rating of “Hold” and an average target price of $137.14.

EchoStar Company Profile

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.