Clearline Capital LP Has $96.04 Million Position in EchoStar Corporation $SATS

Clearline Capital LP boosted its holdings in EchoStar Corporation (NASDAQ:SATS) by 117.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 883,488 shares of the communications equipment provider’s stock after acquiring an additional 477,738 shares during the quarter. EchoStar makes up approximately 4.7% of Clearline Capital LP’s holdings, making the stock its biggest holding. Clearline Capital LP’s holdings in EchoStar were worth $96,035,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Hollencrest Capital Management acquired a new stake in EchoStar during the 4th quarter worth approximately $26,000. CoreCap Advisors LLC acquired a new stake in EchoStar in the fourth quarter worth $28,000. Rosenberg Matthew Hamilton acquired a new position in EchoStar during the 4th quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in EchoStar in the 3rd quarter valued at $38,000. Finally, Tucker Asset Management LLC bought a new position in EchoStar in the 4th quarter valued at about $42,000. Institutional investors own 33.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. New Street Research set a $165.00 price target on shares of EchoStar in a research report on Monday. TD Cowen lifted their target price on shares of EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Williams Trading set a $155.00 target price on EchoStar in a research note on Monday, May 18th. Zacks Research lowered shares of EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Finally, UBS Group raised their target price on shares of EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $137.71.

Insider Buying and Selling at EchoStar

In other news, CEO Hamid Akhavan sold 52,586 shares of EchoStar stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 865,633 shares in the company, valued at approximately $104,741,593. This trade represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 55.90% of the company’s stock.

EchoStar Stock Performance

EchoStar stock opened at $111.70 on Thursday. EchoStar Corporation has a 1-year low of $24.15 and a 1-year high of $147.25. The firm has a market cap of $32.37 billion, a P/E ratio of -2.23 and a beta of 0.94. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17. The firm has a 50-day moving average of $125.33 and a 200-day moving average of $115.79.

EchoStar (NASDAQ:SATS) last posted its earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.03). The company had revenue of $3.67 billion during 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 period in the prior year, the business posted ($0.71) earnings per share.

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.