EchoStar Co. (NASDAQ:SATS) Position Reduced by Penserra Capital Management LLC

Penserra Capital Management LLC reduced its position in EchoStar Co. (NASDAQ:SATS) by 13.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 70,272 shares of the communications equipment provider’s stock after selling 10,741 shares during the quarter. Penserra Capital Management LLC’s holdings in EchoStar were worth $1,744,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In related news, Chairman Charles W. Ergen purchased 1,551,355 shares of EchoStar stock in a transaction on Tuesday, November 12th. The stock was bought at an average price of $28.04 per share, with a total value of $43,499,994.20. Following the completion of the transaction, the chairman now directly owns 1,551,355 shares of the company’s stock, valued at approximately $43,499,994.20. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 55.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their target price on EchoStar from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Friday, September 13th. TD Cowen cut their target price on shares of EchoStar from $37.00 to $30.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. StockNews.com raised shares of EchoStar to a “sell” rating in a research note on Saturday, November 9th. UBS Group upped their price target on shares of EchoStar from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $12.00 price objective on shares of EchoStar in a research report on Monday, August 12th. Two 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $19.25.

EchoStar Stock Performance

Shares of SATS opened at $24.41 on Tuesday. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of -2.66 and a beta of 0.70. The company’s fifty day moving average is $24.92 and its 200-day moving average is $20.89. 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 12 month low of $10.18 and a 12 month high of $30.08.

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.