Silver Point Capital L.P. Sells 1,481,000 Shares of EchoStar Co. (NASDAQ:SATS)

Silver Point Capital L.P. decreased its position in EchoStar Co. (NASDAQ:SATS) by 45.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,744,000 shares of the communications equipment provider’s stock after selling 1,481,000 shares during the quarter. EchoStar accounts for approximately 3.0% of Silver Point Capital L.P.’s holdings, making the stock its 4th largest position. Silver Point Capital L.P. owned 0.64% of EchoStar worth $43,286,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Darsana Capital Partners LP acquired a new position in EchoStar in the second quarter worth $36,908,000. American Century Companies Inc. lifted its position in shares of EchoStar by 51.5% in the 2nd quarter. American Century Companies Inc. now owns 2,243,761 shares of the communications equipment provider’s stock worth $39,961,000 after buying an additional 762,462 shares during the last quarter. Monarch Alternative Capital LP grew its position in shares of EchoStar by 23.6% during the 2nd quarter. Monarch Alternative Capital LP now owns 1,854,000 shares of the communications equipment provider’s stock valued at $33,020,000 after buying an additional 354,000 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of EchoStar by 2,084.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 108,611 shares of the communications equipment provider’s stock valued at $1,547,000 after buying an additional 103,640 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new stake in EchoStar during the second quarter worth about $1,830,000. 33.62% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $12.00 price target on shares of EchoStar in a report on Monday, August 12th. Morgan Stanley lifted their target price on EchoStar from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th. StockNews.com upgraded EchoStar to a “sell” rating in a research report on Saturday, November 9th. UBS Group raised their price target on EchoStar from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Finally, TD Cowen cut their price objective on shares of EchoStar from $37.00 to $30.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.25.

Insider Activity

In related news, Chairman Charles W. Ergen bought 1,551,355 shares of the business’s 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 transaction, the chairman now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 55.90% of the company’s stock.

EchoStar Price Performance

NASDAQ:SATS opened at $25.29 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. The business’s 50-day moving average price is $24.82 and its 200 day moving average price is $21.07. EchoStar Co. has a 52-week low of $10.21 and a 52-week high of $30.08. The firm has a market cap of $6.87 billion, a P/E ratio of -2.76 and a beta of 0.70.

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.