EchoStar Co. (NASDAQ:SATS) Holdings Reduced by Pennant Select LLC

Pennant Select LLC reduced its position in EchoStar Co. (NASDAQ:SATS - Free Report) by 27.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,624,771 shares of the communications equipment provider's stock after selling 601,683 shares during the quarter. EchoStar accounts for approximately 28.4% of Pennant Select LLC's holdings, making the stock its biggest holding. Pennant Select LLC owned approximately 0.60% of EchoStar worth $40,327,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in EchoStar by 125.3% during the 2nd quarter. GAMMA Investing LLC now owns 1,442 shares of the communications equipment provider's stock valued at $26,000 after buying an additional 802 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of EchoStar by 694.8% in the second quarter. Hexagon Capital Partners LLC now owns 1,677 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 1,466 shares during the period. Nisa Investment Advisors LLC grew its stake in EchoStar by 122.9% in the second quarter. Nisa Investment Advisors LLC now owns 4,199 shares of the communications equipment provider's stock worth $75,000 after purchasing an additional 2,315 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in EchoStar during the 2nd quarter worth $89,000. Finally, SG Americas Securities LLC purchased a new stake in shares of EchoStar in the 3rd quarter worth $165,000. Institutional investors own 33.62% of the company's stock.

Insiders Place Their Bets

In other news, Chairman Charles W. Ergen acquired 1,551,355 shares of EchoStar stock in a transaction dated Tuesday, November 12th. The stock was purchased at an average cost of $28.04 per share, for a total transaction of $43,499,994.20. Following the completion of the purchase, the chairman now directly owns 1,551,355 shares in the company, valued at $43,499,994.20. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 55.90% of the stock is currently owned by insiders.

EchoStar Stock Performance

Shares of NASDAQ:SATS traded up $0.26 on Friday, hitting $25.29. 636,402 shares of the company were exchanged, compared to its average volume of 1,813,395. The firm has a market capitalization of $6.87 billion, a P/E ratio of -2.73 and a beta of 0.70. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 1.11. EchoStar Co. has a 1-year low of $10.21 and a 1-year high of $30.08. The stock's 50 day moving average price is $24.82 and its 200 day moving average price is $21.07.

Wall Street Analysts Forecast Growth

SATS has been the subject of several recent research reports. UBS Group lifted their price objective on EchoStar from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, August 13th. Raymond James downgraded shares of EchoStar from a "strong-buy" rating to a "market perform" rating in a research note on Tuesday, October 1st. Morgan Stanley boosted their price objective on shares of EchoStar from $14.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Friday, September 13th. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $12.00 target price on shares of EchoStar in a research report on Monday, August 12th. Finally, TD Cowen reduced their price target on EchoStar from $37.00 to $30.00 and set a "buy" rating for the company in a research report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $19.25.

EchoStar 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.