Monarch Alternative Capital LP acquired a new stake in EchoStar Co. (NASDAQ:SATS – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,500,000 shares of the communications equipment provider’s stock, valued at approximately $21,375,000. EchoStar accounts for about 9.5% of Monarch Alternative Capital LP’s portfolio, making the stock its 5th largest holding. Monarch Alternative Capital LP owned approximately 0.55% of EchoStar as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of SATS. Eagle Bay Advisors LLC lifted its position in EchoStar by 183.6% in the 1st quarter. Eagle Bay Advisors LLC now owns 2,269 shares of the communications equipment provider’s stock valued at $32,000 after acquiring an additional 1,469 shares in the last quarter. Quarry LP bought a new stake in EchoStar during the fourth quarter worth $41,000. Quest Partners LLC bought a new stake in EchoStar during the fourth quarter worth $42,000. Central Pacific Bank Trust Division purchased a new stake in EchoStar in the 1st quarter valued at $67,000. Finally, New York State Teachers Retirement System bought a new position in EchoStar during the 4th quarter valued at $126,000. Institutional investors own 33.62% of the company’s stock.
EchoStar Stock Performance
SATS stock traded down $0.68 during mid-day trading on Monday, hitting $19.63. The company had a trading volume of 548,991 shares, compared to its average volume of 1,864,393. EchoStar Co. has a 12 month low of $9.53 and a 12 month high of $24.80. The stock’s fifty day moving average price is $18.56 and its two-hundred day moving average price is $15.93. The firm has a market cap of $5.33 billion, a PE ratio of -2.55 and a beta of 0.71. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.35 and a current ratio of 0.44.
Wall Street Analyst Weigh In
SATS has been the subject of several analyst reports. Morgan Stanley lowered their target price on shares of EchoStar from $14.25 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, April 3rd. StockNews.com raised shares of EchoStar to a “sell” rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $23.00.
Read Our Latest Stock Analysis on EchoStar
About EchoStar
EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.
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