Quarry LP Takes Position in EchoStar Co. (NASDAQ:SATS)

Quarry LP purchased a new position in shares of EchoStar Co. (NASDAQ:SATS) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,465 shares of the communications equipment provider’s stock, valued at approximately $41,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SATS. Vanguard Group Inc. raised its position in shares of EchoStar by 1.0% in the third quarter. Vanguard Group Inc. now owns 3,465,583 shares of the communications equipment provider’s stock valued at $58,049,000 after buying an additional 33,451 shares during the last quarter. Pennant Select LLC acquired a new stake in EchoStar in the 4th quarter valued at about $36,892,000. Beryl Capital Management LLC purchased a new position in EchoStar in the 3rd quarter worth approximately $36,090,000. Pennant Investors LP acquired a new position in shares of EchoStar during the 4th quarter worth approximately $35,679,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of EchoStar by 53.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,095,327 shares of the communications equipment provider’s stock valued at $18,150,000 after purchasing an additional 383,030 shares in the last quarter. Hedge funds and other institutional investors own 33.62% of the company’s stock.

EchoStar Price Performance

Shares of SATS opened at $17.44 on Monday. The firm has a 50-day simple moving average of $16.77 and a two-hundred day simple moving average of $14.85. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.44 and a quick ratio of 0.35. EchoStar Co. has a 1-year low of $9.53 and a 1-year high of $24.80. The stock has a market cap of $4.74 billion, a PE ratio of -2.26 and a beta of 0.72.

EchoStar (NASDAQ:SATS) last announced its earnings results on Wednesday, May 8th. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.23). EchoStar had a negative net margin of 23.47% and a positive return on equity of 2.26%. The firm had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $4.07 billion. During the same period in the previous year, the firm earned $0.38 EPS. The firm’s revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, analysts forecast that EchoStar Co. will post -1.5 EPS for the current year.

Wall Street Analyst Weigh In

SATS has been the topic of a number of recent research reports. Morgan Stanley lowered their price objective on EchoStar from $14.25 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 3rd. TD Cowen cut their price objective on shares of EchoStar from $39.00 to $38.00 and set an “outperform” rating for the company in a research report on Monday, March 4th. StockNews.com upgraded shares of EchoStar to a “sell” rating in a report on Tuesday, May 28th. Finally, UBS Group raised their price target on shares of EchoStar from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.00.

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.