Quinn Opportunity Partners LLC Makes New $13.23 Million Investment in EchoStar Corporation $SATS

Quinn Opportunity Partners LLC acquired a new stake in shares of EchoStar Corporation (NASDAQ:SATS) during the third quarter, HoldingsChannel.com reports. The firm acquired 173,197 shares of the communications equipment provider’s stock, valued at approximately $13,225,000. EchoStar accounts for 0.9% of Quinn Opportunity Partners LLC’s holdings, making the stock its 21st biggest position.

Other institutional investors have also modified their holdings of the company. Deseret Mutual Benefit Administrators bought a new position in shares of EchoStar during the 3rd quarter valued at approximately $28,000. Bessemer Group Inc. lifted its position in EchoStar by 79.1% in the third quarter. Bessemer Group Inc. now owns 838 shares of the communications equipment provider’s stock worth $64,000 after buying an additional 370 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in EchoStar by 593.2% during the third quarter. Farther Finance Advisors LLC now owns 922 shares of the communications equipment provider’s stock worth $70,000 after buying an additional 789 shares during the period. Smartleaf Asset Management LLC boosted its stake 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 buying an additional 540 shares during the period. Finally, Fifth Third Bancorp increased its position in EchoStar by 11.1% during the third quarter. Fifth Third Bancorp now owns 1,665 shares of the communications equipment provider’s stock valued at $127,000 after acquiring an additional 167 shares during the last quarter. 33.62% of the stock is owned by institutional investors.

EchoStar Stock Performance

SATS stock opened at $108.34 on Friday. EchoStar Corporation has a twelve month low of $14.90 and a twelve month high of $132.25. The firm has a market cap of $31.19 billion, a price-to-earnings ratio of -2.15 and a beta of 1.01. The business’s fifty day simple moving average is $115.52 and its two-hundred day simple moving average is $91.74. The company has a quick ratio of 0.38, a current ratio of 0.42 and a debt-to-equity ratio of 3.21.

Analyst Ratings Changes

SATS has been the topic of several recent analyst reports. Williams Trading set a $158.00 target price on shares of EchoStar in a research note on Wednesday, January 7th. TD Cowen reiterated a “buy” rating on shares of EchoStar in a report on Wednesday, January 7th. Zacks Research lowered shares of EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. UBS Group raised their price objective on shares of EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Finally, Citigroup boosted their target price on EchoStar from $111.00 to $121.00 and gave the company a “neutral” rating in a research report on Tuesday, February 3rd. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, EchoStar has a consensus rating of “Hold” and an average target price of $134.17.

Insider Transactions at EchoStar

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

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.