EchoStar Corporation $SATS Shares Sold by Rangeley Capital LLC

Rangeley Capital LLC lessened its stake in shares of EchoStar Corporation (NASDAQ:SATS) by 25.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 18,000 shares of the communications equipment provider’s stock after selling 6,000 shares during the period. EchoStar makes up about 1.9% of Rangeley Capital LLC’s holdings, making the stock its 10th largest holding. Rangeley Capital LLC’s holdings in EchoStar were worth $2,107,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SATS. Sachem Head Capital Management LP bought a new position in shares of EchoStar in the 4th quarter valued at approximately $568,218,000. Norges Bank bought a new stake in EchoStar during the fourth quarter worth approximately $182,111,000. 140 Summer Partners LP bought a new stake in EchoStar during the fourth quarter worth approximately $99,678,000. Atreides Management LP bought a new stake in EchoStar during the fourth quarter worth approximately $97,948,000. Finally, Contrarius Group Holdings Ltd grew its holdings in EchoStar by 68.6% during the fourth quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the communications equipment provider’s stock valued at $237,154,000 after purchasing an additional 887,611 shares during the last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. New Street Research set a $165.00 price target on shares of EchoStar in a research report on Monday, June 15th. Wall Street Zen raised shares of EchoStar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Williams Trading set a $155.00 target price on shares of EchoStar in a research note on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. Finally, TD Cowen boosted their target price on shares of EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $137.71.

EchoStar Stock Down 0.1%

Shares of SATS stock opened at $103.80 on Monday. EchoStar Corporation has a 12 month low of $24.15 and a 12 month high of $147.25. The firm has a market cap of $30.08 billion, a PE ratio of -2.07 and a beta of 0.94. The stock has a 50 day moving average of $113.35 and a 200-day moving average of $116.91. The company has a quick ratio of 0.27, a current ratio of 0.30 and a debt-to-equity ratio of 3.17.

EchoStar (NASDAQ:SATS) last posted its quarterly earnings data 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 business had revenue of $3.67 billion during the quarter, compared to the consensus estimate 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 prior year, the company posted ($0.71) earnings per share.

Insiders Place Their Bets

In other EchoStar news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the sale, the chief executive officer directly owned 865,633 shares of the company’s stock, valued at $104,741,593. This represents a 5.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.90% of the stock is currently owned by company insiders.

About EchoStar

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.