East Coast Asset Management LLC. Makes New $14.92 Million Investment in EchoStar Corporation $SATS

East Coast Asset Management LLC. bought a new position in EchoStar Corporation (NASDAQ:SATS) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 137,244 shares of the communications equipment provider’s stock, valued at approximately $14,918,000. EchoStar accounts for about 4.4% of East Coast Asset Management LLC.’s investment portfolio, making the stock its 6th largest position.

A number of other large investors have also added to or reduced their stakes in the stock. Clearline Capital LP grew its position in EchoStar by 117.7% in the 4th quarter. Clearline Capital LP now owns 883,488 shares of the communications equipment provider’s stock worth $96,035,000 after purchasing an additional 477,738 shares during the period. Concentric Capital Strategies LP bought a new stake in EchoStar in the 4th quarter worth approximately $2,245,000. Atreides Management LP bought a new stake in EchoStar in the 4th quarter worth approximately $97,948,000. Avala Global LP bought a new stake in EchoStar in the 4th quarter worth approximately $50,502,000. Finally, Boothbay Fund Management LLC grew its position in EchoStar by 21.7% in the 4th quarter. Boothbay Fund Management LLC now owns 82,414 shares of the communications equipment provider’s stock worth $8,958,000 after purchasing an additional 14,688 shares during the period. Institutional investors own 33.62% of the company’s stock.

EchoStar Trading Down 7.7%

Shares of EchoStar stock opened at $111.70 on Thursday. The company’s fifty day simple moving average is $125.33 and its 200-day simple moving average is $115.79. The stock has a market capitalization of $32.37 billion, a PE ratio of -2.23 and a beta of 0.94. EchoStar Corporation has a 1-year low of $24.15 and a 1-year high of $147.25. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27.

EchoStar (NASDAQ:SATS) last issued its quarterly earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.03). The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.65 billion. EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.During the same quarter in the prior year, the business earned ($0.71) EPS.

Insider Buying and Selling at EchoStar

In related news, CEO Hamid Akhavan sold 52,586 shares of EchoStar stock in a transaction on Friday, June 5th. The shares were sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the transaction, the chief executive officer owned 865,633 shares in the company, valued at approximately $104,741,593. The trade was a 5.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SATS shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EchoStar in a research report on Monday, April 20th. Zacks Research downgraded shares of EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. UBS Group lifted their target price on shares of EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. New Street Research set a $165.00 target price on shares of EchoStar in a research report on Monday. Finally, Williams Trading set a $155.00 target price on shares of EchoStar in a research report on Monday, May 18th. Four 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. Based on data from MarketBeat.com, EchoStar has an average rating of “Hold” and an average target price of $137.71.

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.