EchoStar Co. (NASDAQ:SATS) is Pennant Select LLC’s Largest Position

Pennant Select LLC trimmed its position in EchoStar Co. (NASDAQ:SATS) by 27.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,624,771 shares of the communications equipment provider’s stock after selling 601,683 shares during the quarter. EchoStar makes up about 28.4% of Pennant Select LLC’s holdings, making the stock its largest holding. Pennant Select LLC’s holdings in EchoStar were worth $40,327,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in EchoStar by 54.7% in the 3rd quarter. GAMMA Investing LLC now owns 2,231 shares of the communications equipment provider’s stock worth $55,000 after purchasing an additional 789 shares during the period. Louisiana State Employees Retirement System boosted its stake in EchoStar by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 60,700 shares of the communications equipment provider’s stock worth $1,081,000 after buying an additional 1,100 shares during the period. Hexagon Capital Partners LLC boosted its stake in EchoStar by 694.8% during the second quarter. Hexagon Capital Partners LLC now owns 1,677 shares of the communications equipment provider’s stock worth $30,000 after buying an additional 1,466 shares during the period. Natixis Advisors LLC boosted its stake in EchoStar by 9.8% during the third quarter. Natixis Advisors LLC now owns 21,790 shares of the communications equipment provider’s stock worth $541,000 after buying an additional 1,942 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of EchoStar by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 69,602 shares of the communications equipment provider’s stock worth $1,240,000 after purchasing an additional 2,176 shares during the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at EchoStar

In other news, Chairman Charles W. Ergen bought 1,551,355 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were purchased at an average price of $28.04 per share, for a total transaction of $43,499,994.20. Following the completion of the transaction, the chairman now directly owns 1,551,355 shares in the company, valued at approximately $43,499,994.20. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 55.90% of the company’s stock.

Wall Street Analysts Forecast Growth

SATS has been the subject of several research analyst reports. Morgan Stanley lifted their target price on EchoStar from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $12.00 target price on shares of EchoStar in a research report on Monday, August 12th. StockNews.com upgraded EchoStar to a “sell” rating in a research report on Saturday, November 9th. Raymond James downgraded EchoStar from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Finally, TD Cowen decreased their price objective on EchoStar from $37.00 to $30.00 and set a “buy” rating for the company in a report on Wednesday, November 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. Based on data from MarketBeat, EchoStar currently has an average rating of “Hold” and a consensus price target of $19.25.

EchoStar Price Performance

SATS opened at $25.03 on Friday. The business’s 50-day moving average is $24.82 and its two-hundred day moving average is $21.07. EchoStar Co. has a 1 year low of $10.18 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 firm has a market capitalization of $6.80 billion, a PE ratio of -2.73 and a beta of 0.70.

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.