Clear Street Group Inc. Makes New Investment in EchoStar Corporation $SATS

Clear Street Group Inc. purchased a new stake in EchoStar Corporation (NASDAQ:SATS) during the 4th quarter, HoldingsChannel reports. The fund purchased 7,513 shares of the communications equipment provider’s stock, valued at approximately $817,000.

Other large investors have also recently modified their holdings of the company. Bellwether Advisors LLC bought a new stake in EchoStar during the fourth quarter worth about $3,593,000. Junto Capital Management LP purchased a new position in shares of EchoStar in the 3rd quarter worth about $55,199,000. Dockside LLC bought a new position in shares of EchoStar during the 4th quarter valued at about $1,554,000. Seven Grand Managers LLC purchased a new position in shares of EchoStar during the 4th quarter valued at about $21,740,000. Finally, Sumitomo Mitsui Trust Group Inc. bought a new stake in EchoStar in the 4th quarter worth approximately $28,994,000. Institutional investors own 33.62% of the company’s stock.

Insider Buying and Selling at EchoStar

In other news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 865,633 shares in the company, valued at approximately $104,741,593. This represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 55.70% of the company’s stock.

EchoStar Stock Up 3.3%

Shares of EchoStar stock opened at $117.86 on Tuesday. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30. EchoStar Corporation has a 52-week low of $23.87 and a 52-week high of $147.25. The company’s 50 day moving average price is $125.79 and its 200-day moving average price is $115.15. The stock has a market capitalization of $34.16 billion, a price-to-earnings ratio of -2.35 and a beta of 0.95.

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

Analyst Ratings Changes

A number of research analysts have commented on the stock. Wall Street Zen upgraded shares of EchoStar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Zacks Research cut shares of EchoStar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Williams Trading set a $155.00 target price on shares of EchoStar in a report on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a research report on Monday, April 20th. Finally, UBS Group upped their price target on shares of EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $137.71.

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.