EchoStar Co. (NASDAQ:SATS) Shares Bought by Citigroup Inc.

Citigroup Inc. grew its stake in shares of EchoStar Co. (NASDAQ:SATS) by 32.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 164,534 shares of the communications equipment provider’s stock after acquiring an additional 40,533 shares during the quarter. Citigroup Inc. owned about 0.06% of EchoStar worth $4,084,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in shares of EchoStar by 54.7% during the 3rd quarter. GAMMA Investing LLC now owns 2,231 shares of the communications equipment provider’s stock valued at $55,000 after acquiring an additional 789 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of EchoStar by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 60,700 shares of the communications equipment provider’s stock worth $1,081,000 after purchasing an additional 1,100 shares during the period. Hexagon Capital Partners LLC boosted its holdings in EchoStar by 694.8% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,677 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 1,466 shares during the period. Natixis Advisors LLC boosted its holdings in EchoStar by 9.8% in the 3rd quarter. Natixis Advisors LLC now owns 21,790 shares of the communications equipment provider’s stock worth $541,000 after acquiring an additional 1,942 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in EchoStar by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 69,602 shares of the communications equipment provider’s stock worth $1,240,000 after acquiring an additional 2,176 shares during the period. Institutional investors and hedge funds own 33.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SATS. TD Cowen decreased their price target on EchoStar from $37.00 to $30.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Raymond James cut EchoStar from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. UBS Group increased their target price on EchoStar from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. StockNews.com raised EchoStar to a “sell” rating in a research report on Saturday, November 9th. Finally, Morgan Stanley upped their price target on EchoStar from $14.00 to $20.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, EchoStar presently has an average rating of “Hold” and a consensus target price of $19.25.

EchoStar Price Performance

Shares of NASDAQ SATS opened at $24.55 on Wednesday. EchoStar Co. has a 1-year low of $10.91 and a 1-year high of $30.08. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.61. The business’s fifty day moving average price is $24.77 and its two-hundred day moving average price is $21.30. The firm has a market capitalization of $6.67 billion, a PE ratio of -2.68 and a beta of 0.69.

Insiders Place Their Bets

In other EchoStar news, Chairman Charles W. Ergen purchased 1,551,355 shares of the stock in a transaction dated Tuesday, November 12th. The shares were bought at an average cost of $28.04 per share, with a total value of $43,499,994.20. Following the completion of the acquisition, the chairman now owns 1,551,355 shares of the company’s stock, valued at approximately $43,499,994.20. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 55.90% of the stock is owned by corporate insiders.

EchoStar 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.