EchoStar Co. (NASDAQ:SATS) Shares Sold by Goldentree Asset Management LP

Goldentree Asset Management LP decreased its position in shares of EchoStar Co. (NASDAQ:SATS) by 74.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 216,957 shares of the communications equipment provider’s stock after selling 648,093 shares during the quarter. Goldentree Asset Management LP’s holdings in EchoStar were worth $5,380,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SATS. Darsana Capital Partners LP acquired a new stake in shares of EchoStar in the second quarter valued at about $36,908,000. State of New Jersey Common Pension Fund D purchased a new position in EchoStar in the 2nd quarter valued at about $1,830,000. Vanguard Group Inc. boosted its holdings in EchoStar by 238.7% in the 1st quarter. Vanguard Group Inc. now owns 13,707,909 shares of the communications equipment provider’s stock worth $195,338,000 after buying an additional 9,661,167 shares during the last quarter. Ensign Peak Advisors Inc purchased a new stake in EchoStar during the 2nd quarter worth approximately $833,000. Finally, Tidal Investments LLC purchased a new stake in EchoStar during the 1st quarter worth approximately $511,000. 33.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on SATS. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $12.00 target price on shares of EchoStar in a research note on Monday, August 12th. TD Cowen lowered their price target on shares of EchoStar from $37.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. UBS Group increased their price objective on shares of EchoStar from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. StockNews.com upgraded EchoStar to a “sell” rating in a report on Saturday, November 9th. Finally, Raymond James lowered EchoStar from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $19.25.

EchoStar Stock Up 0.6 %

Shares of NASDAQ:SATS opened at $25.03 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. EchoStar Co. has a fifty-two week low of $10.18 and a fifty-two week high of $30.08. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of -2.73 and a beta of 0.70. The firm’s 50 day moving average price is $24.82 and its 200 day moving average price is $21.07.

Insider Buying and Selling

In other EchoStar news, Chairman Charles W. Ergen bought 1,551,355 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were acquired at an average cost of $28.04 per share, with a total value of $43,499,994.20. Following the acquisition, the chairman now directly owns 1,551,355 shares of the company’s stock, valued at $43,499,994.20. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 55.90% of the stock is owned by company insiders.

EchoStar Company Profile

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.