Principal Financial Group Inc. reduced its stake in shares of EchoStar Co. (NASDAQ:SATS - Free Report) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 568,991 shares of the communications equipment provider's stock after selling 25,771 shares during the quarter. Principal Financial Group Inc. owned approximately 0.21% of EchoStar worth $14,122,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake in shares of EchoStar by 54.7% during the 3rd quarter. GAMMA Investing LLC now owns 2,231 shares of the communications equipment provider's stock valued at $55,000 after purchasing an additional 789 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new stake in EchoStar in the second quarter worth about $89,000. SG Americas Securities LLC bought a new stake in EchoStar during the 3rd quarter valued at approximately $165,000. XTX Topco Ltd purchased a new position in shares of EchoStar during the 2nd quarter worth approximately $183,000. Finally, Choreo LLC bought a new position in shares of EchoStar in the 2nd quarter worth approximately $186,000. 33.62% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, Chairman Charles W. Ergen acquired 1,551,355 shares of EchoStar stock in a transaction on Tuesday, November 12th. The stock was acquired at an average cost of $28.04 per share, for a total transaction of $43,499,994.20. Following the purchase, the chairman now owns 1,551,355 shares in the company, valued at $43,499,994.20. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 55.90% of the stock is currently owned by company insiders.
EchoStar Stock Down 2.2 %
EchoStar stock traded down $0.50 during mid-day trading on Friday, hitting $22.57. The company had a trading volume of 728,334 shares, compared to its average volume of 1,782,517. EchoStar Co. has a 12 month low of $11.83 and a 12 month high of $30.08. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 1.11. The stock's 50 day moving average price is $24.07 and its two-hundred day moving average price is $21.86. The company has a market capitalization of $6.14 billion, a PE ratio of -2.46 and a beta of 0.69.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on SATS shares. TD Cowen dropped their price target on EchoStar from $37.00 to $30.00 and set a "buy" rating on the stock in a research report on Wednesday, November 13th. Morgan Stanley initiated coverage on EchoStar in a research report on Monday, December 16th. They set an "equal weight" rating and a $25.00 price objective for the company. Raymond James downgraded shares of EchoStar from a "strong-buy" rating to a "market perform" rating in a research report on Tuesday, October 1st. Finally, StockNews.com raised shares of EchoStar to a "sell" rating in a research report on Saturday, November 9th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $20.50.
View Our Latest Stock Analysis on EchoStar
EchoStar Company Profile
(
Free Report)
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.
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