CTC Alternative Strategies Ltd. Takes Position in EchoStar Corporation $SATS

CTC Alternative Strategies Ltd. acquired a new stake in EchoStar Corporation (NASDAQ:SATS) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 5,900 shares of the communications equipment provider’s stock, valued at approximately $451,000.

A number of other large investors have also recently bought and sold shares of the business. Deseret Mutual Benefit Administrators acquired a new stake in shares of EchoStar in the third quarter worth about $28,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of EchoStar during the 3rd quarter valued at about $38,000. Bessemer Group Inc. raised its stake in shares of 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 acquiring an additional 370 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of 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 acquiring an additional 789 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in EchoStar in the 2nd quarter worth approximately $73,000. 33.62% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other EchoStar news, COO John Swieringa sold 50,088 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $113.58, for a total value of $5,688,995.04. Following the completion of the sale, the chief operating officer directly owned 253,535 shares of the company’s stock, valued at $28,796,505.30. This represents a 16.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hamid Akhavan sold 71,005 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the transaction, the chief executive officer owned 823,293 shares in the company, valued at approximately $88,520,463.36. The trade was a 7.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 55.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. UBS Group increased their price target on EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. TD Cowen restated a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of EchoStar from $97.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Morgan Stanley upgraded shares of EchoStar from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $82.00 to $110.00 in a research note on Wednesday, December 10th. Finally, Citigroup lifted their target price on shares of EchoStar from $111.00 to $121.00 and gave the stock a “neutral” rating in a report on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, EchoStar presently has a consensus rating of “Hold” and a consensus price target of $134.17.

EchoStar Stock Performance

Shares of NASDAQ SATS opened at $107.75 on Thursday. EchoStar Corporation has a 12 month low of $14.90 and a 12 month high of $132.25. The company has a market cap of $31.02 billion, a P/E ratio of -2.14 and a beta of 1.01. The business’s 50 day moving average is $115.43 and its two-hundred day moving average is $93.12. The company has a quick ratio of 0.38, a current ratio of 0.42 and a debt-to-equity ratio of 3.21.

EchoStar 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.