Covestor Ltd Sells 6,810 Shares of EchoStar Co. (NASDAQ:SATS)

Covestor Ltd trimmed its stake in EchoStar Co. (NASDAQ:SATS) by 80.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,659 shares of the communications equipment provider’s stock after selling 6,810 shares during the period. Covestor Ltd’s holdings in EchoStar were worth $41,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. GAMMA Investing LLC increased its holdings in EchoStar by 125.3% during the 2nd quarter. GAMMA Investing LLC now owns 1,442 shares of the communications equipment provider’s stock worth $26,000 after purchasing an additional 802 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of EchoStar by 694.8% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,677 shares of the communications equipment provider’s stock valued at $30,000 after acquiring an additional 1,466 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in EchoStar by 122.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,199 shares of the communications equipment provider’s stock worth $75,000 after buying an additional 2,315 shares during the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in EchoStar in the 2nd quarter worth approximately $89,000. Finally, SG Americas Securities LLC purchased a new position in EchoStar in the 3rd quarter worth approximately $165,000. 33.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

EchoStar Stock Up 3.6 %

EchoStar stock opened at $22.79 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.32. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of -2.49 and a beta of 0.70. EchoStar Co. has a 1-year low of $9.53 and a 1-year high of $30.08. The business has a fifty day moving average price of $24.79 and a 200-day moving average price of $20.59.

Insiders Place Their Bets

In related news, Chairman Charles W. Ergen acquired 1,551,355 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was acquired at an average price 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 in the company, valued at $43,499,994.20. This represents a ? increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 55.90% of the stock is currently owned by insiders.

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.