Northern Right Capital Management L.P. Makes New $11.07 Million Investment in EchoStar Corporation $SATS

Northern Right Capital Management L.P. bought a new stake in EchoStar Corporation (NASDAQ:SATS) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 145,000 shares of the communications equipment provider’s stock, valued at approximately $11,072,000. EchoStar makes up approximately 3.4% of Northern Right Capital Management L.P.’s holdings, making the stock its 13th largest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Deseret Mutual Benefit Administrators purchased a new stake in shares of EchoStar during the 3rd quarter worth approximately $28,000. Bessemer Group Inc. increased its stake in EchoStar by 79.1% in the 3rd quarter. Bessemer Group Inc. now owns 838 shares of the communications equipment provider’s stock valued at $64,000 after purchasing an additional 370 shares in the last quarter. Farther Finance Advisors LLC increased its stake in EchoStar by 593.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 922 shares of the communications equipment provider’s stock valued at $70,000 after purchasing an additional 789 shares in the last quarter. Lazard Asset Management LLC acquired a new position in EchoStar during the second quarter worth $73,000. Finally, Smartleaf Asset Management LLC boosted its position in EchoStar by 55.4% during the third quarter. Smartleaf Asset Management LLC now owns 1,515 shares of the communications equipment provider’s stock worth $112,000 after purchasing an additional 540 shares in the last quarter. 33.62% of the stock is currently owned by institutional investors and hedge funds.

EchoStar Price Performance

Shares of NASDAQ:SATS opened at $114.33 on Tuesday. The company has a market capitalization of $32.91 billion, a PE ratio of -2.27 and a beta of 1.01. The company has a debt-to-equity ratio of 3.21, a quick ratio of 0.38 and a current ratio of 0.42. The stock has a fifty day moving average of $115.60 and a 200-day moving average of $92.66. EchoStar Corporation has a one year low of $14.90 and a one year high of $132.25.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SATS shares. Williams Trading set a $158.00 target price on EchoStar in a report on Wednesday, January 7th. Citigroup boosted their price objective on shares of EchoStar from $111.00 to $121.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 3rd. Morgan Stanley raised shares of EchoStar from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $82.00 to $110.00 in a research note on Wednesday, December 10th. Zacks Research cut shares of EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Finally, UBS Group upped their price target on shares of EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $134.17.

Insider Buying and Selling at EchoStar

In other EchoStar news, COO John Swieringa sold 50,088 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total transaction of $5,688,995.04. Following the sale, the chief operating officer owned 253,535 shares in the company, valued at approximately $28,796,505.30. The trade was a 16.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hamid Akhavan sold 71,005 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the sale, the chief executive officer directly owned 823,293 shares of the company’s stock, valued at $88,520,463.36. This represents a 7.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 55.70% 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.