Soros Fund Management LLC Sells 244,111 Shares of EchoStar Co. (NASDAQ:SATS)

Soros Fund Management LLC lowered its holdings in shares of EchoStar Co. (NASDAQ:SATS - Free Report) by 10.0% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 2,190,726 shares of the communications equipment provider's stock after selling 244,111 shares during the period. EchoStar accounts for approximately 0.8% of Soros Fund Management LLC's holdings, making the stock its 27th largest position. Soros Fund Management LLC owned about 0.81% of EchoStar worth $54,374,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of SATS. Price T Rowe Associates Inc. MD boosted its position in shares of EchoStar by 162.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 99,968 shares of the communications equipment provider's stock valued at $1,425,000 after acquiring an additional 61,871 shares during the period. California State Teachers Retirement System increased its stake in EchoStar by 229.4% during the 1st quarter. California State Teachers Retirement System now owns 119,319 shares of the communications equipment provider's stock worth $1,700,000 after acquiring an additional 83,094 shares during the period. Tidal Investments LLC bought a new position in shares of EchoStar in the first quarter worth $511,000. Comerica Bank raised its stake in EchoStar by 365.5% in the first quarter. Comerica Bank now owns 51,390 shares of the communications equipment provider's stock valued at $732,000 after purchasing an additional 40,350 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in EchoStar by 125.3% during the second quarter. GAMMA Investing LLC now owns 1,442 shares of the communications equipment provider's stock worth $26,000 after buying an additional 802 shares in the last quarter. Institutional investors and hedge funds own 33.62% of the company's stock.

Insider Transactions at EchoStar

In other EchoStar news, Chairman Charles W. Ergen purchased 1,551,355 shares of the business's stock in a transaction on Tuesday, November 12th. The shares were purchased at an average cost of $28.04 per share, for a total transaction of $43,499,994.20. Following the acquisition, the chairman now owns 1,551,355 shares of the company's stock, valued at approximately $43,499,994.20. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 55.90% of the company's stock.

EchoStar Trading Down 0.1 %

Shares of NASDAQ SATS traded down $0.02 during trading on Friday, reaching $23.92. The company had a trading volume of 409,403 shares, compared to its average volume of 1,796,569. The stock has a market cap of $6.50 billion, a P/E ratio of -2.61 and a beta of 0.69. The company's fifty day moving average price is $24.70 and its 200-day moving average price is $21.34. The company has a quick ratio of 0.61, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. EchoStar Co. has a 12 month low of $11.32 and a 12 month high of $30.08.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SATS shares. StockNews.com upgraded EchoStar to a "sell" rating in a research note on Saturday, November 9th. UBS Group raised their price target on shares of EchoStar from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Tuesday, August 13th. Raymond James cut shares of EchoStar from a "strong-buy" rating to a "market perform" rating in a research report on Tuesday, October 1st. TD Cowen decreased their target price on shares of EchoStar from $37.00 to $30.00 and set a "buy" rating on the stock in a research note on Wednesday, November 13th. Finally, Morgan Stanley increased their price target on EchoStar from $14.00 to $20.00 and gave the company an "equal weight" rating in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, EchoStar has an average rating of "Hold" and a consensus price target of $19.25.

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.