Fmr LLC Lowers Stock Holdings in EchoStar Co. (NASDAQ:SATS)

FMR LLC decreased its holdings in shares of EchoStar Co. (NASDAQ:SATS - Free Report) by 1.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,875,489 shares of the communications equipment provider's stock after selling 30,350 shares during the period. FMR LLC owned about 0.69% of EchoStar worth $46,550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SATS. Darsana Capital Partners LP purchased a new position in shares of EchoStar during the 2nd quarter valued at approximately $36,908,000. American Century Companies Inc. raised its stake in EchoStar by 51.5% in the 2nd quarter. American Century Companies Inc. now owns 2,243,761 shares of the communications equipment provider's stock valued at $39,961,000 after purchasing an additional 762,462 shares during the last quarter. Monarch Alternative Capital LP raised its stake in EchoStar by 23.6% in the 2nd quarter. Monarch Alternative Capital LP now owns 1,854,000 shares of the communications equipment provider's stock valued at $33,020,000 after purchasing an additional 354,000 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in EchoStar in the 2nd quarter valued at $1,830,000. Finally, California State Teachers Retirement System raised its stake in EchoStar by 229.4% in the 1st quarter. California State Teachers Retirement System now owns 119,319 shares of the communications equipment provider's stock valued at $1,700,000 after purchasing an additional 83,094 shares during the last quarter. Hedge funds and other institutional investors own 33.62% of the company's stock.

Insider Buying and Selling

In other EchoStar news, Chairman Charles W. Ergen acquired 1,551,355 shares of the business's stock in a transaction that occurred on Tuesday, November 12th. The stock was purchased at an average cost of $28.04 per share, with a total value of $43,499,994.20. Following the transaction, the chairman now owns 1,551,355 shares of the company's stock, valued at $43,499,994.20. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 55.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on SATS shares. Raymond James downgraded EchoStar from a "strong-buy" rating to a "market perform" rating in a research note on Tuesday, October 1st. TD Cowen reduced their price objective on EchoStar from $37.00 to $30.00 and set a "buy" rating for the company in a research note on Wednesday, November 13th. StockNews.com raised EchoStar to a "sell" rating in a research note on Saturday, November 9th. Morgan Stanley raised their target price on EchoStar from $14.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Friday, September 13th. Finally, JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $12.00 target price on shares of EchoStar in a research note on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, EchoStar has an average rating of "Hold" and an average price target of $19.25.

EchoStar Trading Up 0.3 %

Shares of SATS traded up $0.07 during midday trading on Friday, reaching $24.00. The company had a trading volume of 1,038,002 shares, compared to its average volume of 2,070,932. The firm has a 50 day simple moving average of $24.62 and a 200-day simple moving average of $21.40. The company has a quick ratio of 0.61, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. The stock has a market cap of $6.52 billion, a PE ratio of -2.62 and a beta of 0.69. EchoStar Co. has a 1-year low of $11.32 and a 1-year high of $30.08.

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.