EchoStar Corporation $SATS is Kite Lake Capital Management UK LLP’s Largest Position

Kite Lake Capital Management UK LLP reduced its position in shares of EchoStar Corporation (NASDAQ:SATS) by 3.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 644,452 shares of the communications equipment provider’s stock after selling 24,897 shares during the period. EchoStar accounts for about 52.9% of Kite Lake Capital Management UK LLP’s holdings, making the stock its biggest holding. Kite Lake Capital Management UK LLP owned approximately 0.22% of EchoStar worth $49,210,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Fifth Third Bancorp grew its stake in shares of EchoStar by 11.1% in the 3rd quarter. Fifth Third Bancorp now owns 1,665 shares of the communications equipment provider’s stock valued at $127,000 after buying an additional 167 shares during the period. Amalgamated Bank increased its holdings in shares of EchoStar by 0.5% during the 3rd quarter. Amalgamated Bank now owns 58,941 shares of the communications equipment provider’s stock worth $4,501,000 after buying an additional 293 shares during the last quarter. Voya Investment Management LLC raised its position in shares of EchoStar by 0.8% during the 3rd quarter. Voya Investment Management LLC now owns 37,456 shares of the communications equipment provider’s stock valued at $2,860,000 after buying an additional 298 shares during the period. UMB Bank n.a. lifted its holdings in EchoStar by 23.1% in the third quarter. UMB Bank n.a. now owns 1,875 shares of the communications equipment provider’s stock valued at $143,000 after acquiring an additional 352 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in EchoStar by 79.1% in the third quarter. Bessemer Group Inc. now owns 838 shares of the communications equipment provider’s stock valued at $64,000 after acquiring an additional 370 shares during the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SATS has been the subject of several recent analyst reports. Williams Trading set a $158.00 target price on EchoStar in a research note on Wednesday, January 7th. TD Cowen reaffirmed a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. UBS Group increased their price target on EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Zacks Research downgraded EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of EchoStar from $97.00 to $131.00 and gave the company a “buy” rating in a report on Friday, December 19th. Three 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $134.17.

Insiders Place Their Bets

In related news, COO John Swieringa sold 50,088 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total transaction of $5,688,995.04. Following the transaction, the chief operating officer owned 253,535 shares of the company’s stock, valued at approximately $28,796,505.30. This represents a 16.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hamid Akhavan sold 71,005 shares of the firm’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $107.52, for a total value of $7,634,457.60. Following the transaction, the chief executive officer owned 823,293 shares of the company’s stock, valued at $88,520,463.36. This trade represents a 7.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 55.70% of the company’s stock.

EchoStar Stock Up 5.5%

EchoStar stock opened at $114.33 on Tuesday. The company has a market capitalization of $32.91 billion, a PE ratio of -2.27 and a beta of 1.01. The company has a debt-to-equity ratio of 3.21, a quick ratio of 0.38 and a current ratio of 0.42. EchoStar Corporation has a fifty-two week low of $14.90 and a fifty-two week high of $132.25. The firm has a 50 day moving average price of $115.60 and a 200 day moving average price of $92.66.

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.