EchoStar Corporation $SATS is Clearline Capital LP’s Largest Position

Clearline Capital LP grew its stake in EchoStar Corporation (NASDAQ:SATS) by 117.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 883,488 shares of the communications equipment provider’s stock after purchasing an additional 477,738 shares during the period. EchoStar makes up approximately 4.7% of Clearline Capital LP’s portfolio, making the stock its biggest holding. Clearline Capital LP owned about 0.31% of EchoStar worth $96,035,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SATS. DLD Asset Management LP acquired a new position in EchoStar during the third quarter worth about $2,481,700,000. Sachem Head Capital Management LP purchased a new stake in EchoStar during the 4th quarter worth about $568,218,000. Icahn Carl C acquired a new position in shares of EchoStar in the third quarter valued at approximately $332,513,000. Norges Bank purchased a new position in shares of EchoStar during the 4th quarter worth $182,111,000. Finally, Contrarius Group Holdings Ltd purchased a new position in EchoStar during the third quarter worth about $98,819,000. 33.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on SATS shares. New Street Research set a $165.00 target price on EchoStar in a report on Monday. UBS Group upped their price objective on shares of EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Zacks Research cut shares of EchoStar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. TD Cowen lifted their target price on EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a research note on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $137.71.

EchoStar Stock Down 7.7%

SATS opened at $111.70 on Thursday. The company has a market capitalization of $32.37 billion, a PE ratio of -2.23 and a beta of 0.94. The business has a 50-day moving average of $125.33 and a 200-day moving average of $115.79. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27. EchoStar Corporation has a fifty-two week low of $24.15 and a fifty-two week high of $147.25.

EchoStar (NASDAQ:SATS) last posted its earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.03). EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same quarter last year, the firm posted ($0.71) earnings per share.

Insider Activity

In related news, CEO Hamid Akhavan sold 52,586 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the transaction, the chief executive officer owned 865,633 shares in the company, valued at $104,741,593. This represents a 5.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 55.90% of the company’s stock.

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.