Monarch Alternative Capital LP purchased a new stake in shares of EchoStar Co. (NASDAQ:SATS – Free Report) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 1,500,000 shares of the communications equipment provider’s stock, valued at approximately $21,375,000. EchoStar comprises about 9.5% of Monarch Alternative Capital LP’s portfolio, making the stock its 5th biggest position.
Other hedge funds have also recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its stake in EchoStar by 446.2% during the first quarter. Public Employees Retirement System of Ohio now owns 11,994 shares of the communications equipment provider’s stock worth $171,000 after acquiring an additional 9,798 shares during the last quarter. Public Employees Retirement Association of Colorado raised its holdings in EchoStar by 120.3% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 17,954 shares of the communications equipment provider’s stock valued at $256,000 after buying an additional 9,806 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in EchoStar by 162.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 99,968 shares of the communications equipment provider’s stock valued at $1,425,000 after buying an additional 61,871 shares during the period. Lazard Asset Management LLC lifted its position in EchoStar by 1,932.1% in the first quarter. Lazard Asset Management LLC now owns 51,127 shares of the communications equipment provider’s stock valued at $728,000 after buying an additional 48,611 shares during the last quarter. Finally, Gabelli Funds LLC boosted its stake in EchoStar by 10.9% during the first quarter. Gabelli Funds LLC now owns 570,401 shares of the communications equipment provider’s stock worth $8,128,000 after buying an additional 56,105 shares during the period. Hedge funds and other institutional investors own 33.62% of the company’s stock.
EchoStar Stock Down 3.3 %
Shares of EchoStar stock traded down $0.68 during trading hours on Monday, reaching $19.63. 548,991 shares of the company were exchanged, compared to its average volume of 1,864,393. The firm has a market cap of $5.33 billion, a PE ratio of -2.55 and a beta of 0.71. The stock’s fifty day moving average is $18.56 and its 200 day moving average is $15.93. EchoStar Co. has a 1 year low of $9.53 and a 1 year high of $24.80. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.35 and a current ratio of 0.44.
Analyst Ratings Changes
Several equities analysts have recently commented on SATS shares. Morgan Stanley decreased their price objective on shares of EchoStar from $14.25 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 3rd. StockNews.com upgraded EchoStar to a “sell” rating in a research note on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $23.00.
Read Our Latest Analysis on SATS
EchoStar Company Profile
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.
Featured Articles
- Five stocks we like better than EchoStar
- Using the MarketBeat Dividend Tax Calculator
- Survey: Top 175 Fittest Retirement Locations in America
- How to Capture the Benefits of Dividend Increases
- Kimberly-Clark Stock Dips and a Buying Opportunity Emerges
- Special Purpose Acquisition Company (SPAC) What You Need to Know
- Leading Gold Stock Shines With Q2 2024 Earnings Release
Want to see what other hedge funds are holding SATS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EchoStar Co. (NASDAQ:SATS – Free Report).
Receive News & Ratings for EchoStar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for EchoStar and related companies with MarketBeat.com's FREE daily email newsletter.