Arvin Capital Management LP Acquires New Position in EchoStar Corporation $SATS

Arvin Capital Management LP acquired a new stake in EchoStar Corporation (NASDAQ:SATS) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 25,800 shares of the communications equipment provider’s stock, valued at approximately $2,804,000. EchoStar accounts for 0.5% of Arvin Capital Management LP’s holdings, making the stock its 28th largest holding.

Several other hedge funds also recently bought and sold shares of SATS. Hollencrest Capital Management acquired a new stake in EchoStar in the fourth quarter worth $26,000. CoreCap Advisors LLC acquired a new stake in EchoStar in the fourth quarter worth $28,000. Rosenberg Matthew Hamilton acquired a new stake in EchoStar in the fourth quarter worth $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in EchoStar in the third quarter worth $38,000. Finally, Tucker Asset Management LLC acquired a new stake in EchoStar in the fourth quarter worth $42,000. 33.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at EchoStar

In related news, CEO Hamid Akhavan sold 52,586 shares of the firm’s 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 sale, the chief executive officer directly owned 865,633 shares in the company, 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 SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.90% of the stock is currently owned by insiders.

EchoStar Trading Down 11.0%

Shares of NASDAQ:SATS opened at $114.08 on Friday. EchoStar Corporation has a 12 month low of $16.73 and a 12 month high of $147.25. The company has a quick ratio of 0.27, a current ratio of 0.30 and a debt-to-equity ratio of 3.17. The company’s fifty day simple moving average is $126.01 and its 200 day simple moving average is $114.51. The firm has a market cap of $33.06 billion, a price-to-earnings ratio of -2.28 and a beta of 0.94.

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

EchoStar News Summary

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

Wall Street Analysts Forecast Growth

SATS has been the topic of several analyst reports. Zacks Research lowered shares of EchoStar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. UBS Group increased their target price on shares of EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Wall Street Zen upgraded shares of EchoStar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. TD Cowen increased their target price on shares of EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Finally, Williams Trading set a $155.00 target price on shares of EchoStar in a report on Monday, May 18th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $137.14.

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.