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

Pennant Select LLC lessened its stake in shares of EchoStar Co. (NASDAQ:SATS) by 27.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,624,771 shares of the communications equipment provider’s stock after selling 601,683 shares during the period. EchoStar comprises about 28.4% of Pennant Select LLC’s holdings, making the stock its biggest position. Pennant Select LLC owned about 0.60% of EchoStar worth $40,327,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position in EchoStar by 125.3% during the second quarter. GAMMA Investing LLC now owns 1,442 shares of the communications equipment provider’s stock worth $26,000 after purchasing an additional 802 shares during the period. Hexagon Capital Partners LLC boosted its position in shares of EchoStar by 694.8% in the second quarter. Hexagon Capital Partners LLC now owns 1,677 shares of the communications equipment provider’s stock valued at $30,000 after acquiring an additional 1,466 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of EchoStar by 122.9% in the second quarter. Nisa Investment Advisors LLC now owns 4,199 shares of the communications equipment provider’s stock valued at $75,000 after acquiring an additional 2,315 shares during the period. Gordian Capital Singapore Pte Ltd bought a new position in shares of EchoStar in the second quarter valued at approximately $89,000. Finally, SG Americas Securities LLC bought a new position in shares of EchoStar in the third quarter valued at approximately $165,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Insider Buying and Selling

In other EchoStar news, Chairman Charles W. Ergen bought 1,551,355 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was acquired at an average price of $28.04 per share, with a total value of $43,499,994.20. Following the transaction, the chairman now owns 1,551,355 shares in the company, valued at $43,499,994.20. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 55.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SATS shares. UBS Group lifted their target price on shares of EchoStar from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. StockNews.com raised shares of EchoStar to a “sell” rating in a research note on Saturday, November 9th. Morgan Stanley lifted their target price on shares of EchoStar from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Friday, September 13th. Raymond James cut shares of EchoStar from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $12.00 price target on shares of EchoStar in a report on Monday, August 12th. 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $19.25.

EchoStar Stock Performance

Shares of EchoStar stock opened at $25.03 on Friday. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of -2.73 and a beta of 0.70. The firm’s 50-day moving average is $24.82 and its 200 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.

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.