Y Intercept Hong Kong Ltd Increases Stock Position in EchoStar Corporation $SATS

Y Intercept Hong Kong Ltd boosted its stake in shares of EchoStar Corporation (NASDAQ:SATS) by 168.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,924 shares of the communications equipment provider’s stock after buying an additional 94,773 shares during the quarter. EchoStar accounts for about 0.4% of Y Intercept Hong Kong Ltd’s holdings, making the stock its 26th biggest holding. Y Intercept Hong Kong Ltd’s holdings in EchoStar were worth $16,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of the stock. DLD Asset Management LP purchased a new position in EchoStar during the third quarter worth about $2,481,700,000. Icahn Carl C purchased a new position in EchoStar during the third quarter worth about $332,513,000. Geode Capital Management LLC boosted its stake in EchoStar by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,524,576 shares of the communications equipment provider’s stock worth $382,595,000 after buying an additional 48,671 shares during the period. Contrarius Group Holdings Ltd boosted its stake in EchoStar by 68.6% during the fourth quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the communications equipment provider’s stock worth $237,154,000 after buying an additional 887,611 shares during the period. Finally, Northern Trust Corp boosted its stake in EchoStar by 2.8% during the third quarter. Northern Trust Corp now owns 1,744,438 shares of the communications equipment provider’s stock worth $133,205,000 after buying an additional 48,322 shares during the period. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Key EchoStar News

Here are the key news stories impacting EchoStar this week:

• Positive Sentiment: EchoStar remains closely tied to enthusiasm around the SpaceX IPO, and that relationship helped drive a sharp run-up in the stock earlier in the week as traders speculated on the value of EchoStar’s SpaceX stake. All Eyes on SpaceX IPO Today
• Positive Sentiment: Analyst targets on SATS remain above the current share price, with recent estimates implying upside if the company can stabilize operations and reduce balance-sheet risk. SpaceX IPO Crowds Pre-Market Sentiment
• Neutral Sentiment: The SpaceX IPO is dominating market chatter and has increased trading interest in Space-related names, which has boosted volatility in EchoStar rather than changing the company’s fundamentals directly. Stock Movers Ahead of SpaceX Debut
• Negative Sentiment: EchoStar disclosed that its DISH DBS subsidiary missed about $183 million in interest payments due June 1, which is a default under the indentures unless cured during the grace period; that has renewed default and liquidity worries. EchoStar shares slide as missed interest payment rekindles default and liquidity concerns
• Negative Sentiment: After the recent surge, traders appear to be taking profits, and Friday’s weakness reflects a pullback from the SpaceX-linked rally combined with renewed concern about refinancing risk. Stock Market Today, June 12: EchoStar Falls as SpaceX-Linked Rally Meets DISH DBS Payment Risk

Analyst Ratings Changes

Several analysts have recently issued reports on SATS shares. Wall Street Zen raised shares of EchoStar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. Williams Trading set a $155.00 price objective on shares of EchoStar in a report on Monday, May 18th. New Street Research initiated coverage on shares of EchoStar in a report on Wednesday, May 13th. They issued a “buy” rating and a $161.00 price objective for the company. Finally, TD Cowen lifted their price objective on shares of EchoStar from $129.00 to $155.00 and gave the company a “buy” rating in a report on Monday, May 18th. Four 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.com, EchoStar has an average rating of “Hold” and an average target price of $137.14.

Insiders Place Their Bets

In related news, CEO Hamid Akhavan sold 52,586 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the sale, the chief executive officer owned 865,633 shares of the company’s stock, valued at $104,741,593. This trade represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.90% of the stock is currently owned by company insiders.

EchoStar Trading Down 11.0%

Shares of SATS stock opened at $114.08 on Friday. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30. The stock has a market capitalization of $33.06 billion, a P/E ratio of -2.28 and a beta of 0.94. The company has a 50 day moving average price of $126.01 and a 200 day moving average price of $114.51. EchoStar Corporation has a fifty-two week low of $16.73 and a fifty-two week high of $147.25.

EchoStar (NASDAQ:SATS) last announced its quarterly earnings data on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.03). The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.65 billion. EchoStar had a negative net margin of 97.56% and a negative return on equity of 4.80%. During the same quarter last year, the firm posted ($0.71) EPS. Equities research analysts predict that EchoStar Corporation will post -5.2 EPS for the current fiscal year.

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.