Marex Group plc Invests $947,000 in EchoStar Corporation $SATS

Marex Group plc bought a new stake in EchoStar Corporation (NASDAQ:SATS) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 34,188 shares of the communications equipment provider’s stock, valued at approximately $947,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Darsana Capital Partners LP boosted its position in shares of EchoStar by 15.5% during the 2nd quarter. Darsana Capital Partners LP now owns 8,960,000 shares of the communications equipment provider’s stock worth $248,192,000 after acquiring an additional 1,201,672 shares in the last quarter. Geode Capital Management LLC lifted its stake in EchoStar by 11.5% during the second quarter. Geode Capital Management LLC now owns 3,449,193 shares of the communications equipment provider’s stock worth $95,553,000 after purchasing an additional 355,009 shares during the last quarter. Northern Trust Corp boosted its holdings in EchoStar by 25.3% in the first quarter. Northern Trust Corp now owns 1,699,986 shares of the communications equipment provider’s stock valued at $43,486,000 after purchasing an additional 343,590 shares in the last quarter. Bank of New York Mellon Corp increased its stake in EchoStar by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 1,268,572 shares of the communications equipment provider’s stock valued at $35,139,000 after purchasing an additional 313,314 shares during the last quarter. Finally, Invesco Ltd. increased its stake in EchoStar by 30.1% in the second quarter. Invesco Ltd. now owns 913,292 shares of the communications equipment provider’s stock valued at $25,298,000 after purchasing an additional 211,421 shares during the last quarter. 33.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at EchoStar

In related news, COO John Swieringa sold 22,000 shares of EchoStar stock in a transaction on Friday, November 21st. The shares were sold at an average price of $67.34, for a total value of $1,481,480.00. Following the transaction, the chief operating officer directly owned 283,509 shares in the company, valued at $19,091,496.06. This trade represents a 7.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 55.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SATS shares. TD Cowen upped their target price on shares of EchoStar from $28.00 to $67.00 and gave the company a “buy” rating in a report on Wednesday, August 27th. Citigroup upped their price objective on shares of EchoStar from $85.00 to $87.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Deutsche Bank Aktiengesellschaft set a $105.00 price objective on EchoStar in a report on Tuesday, September 9th. Morgan Stanley raised EchoStar from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $82.00 to $110.00 in a research report on Wednesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of EchoStar in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, EchoStar has an average rating of “Hold” and an average target price of $79.40.

EchoStar Stock Performance

NASDAQ SATS opened at $107.37 on Monday. The firm has a market cap of $30.91 billion, a P/E ratio of -2.39 and a beta of 1.03. EchoStar Corporation has a 52-week low of $14.90 and a 52-week high of $109.53. The business’s 50-day moving average price is $75.54 and its 200 day moving average price is $52.77. The company has a quick ratio of 0.56, a current ratio of 0.61 and a debt-to-equity ratio of 3.11.

EchoStar (NASDAQ:SATS) last posted its quarterly earnings data on Thursday, November 6th. The communications equipment provider reported ($44.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.23) by ($43.14). The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.75 billion. EchoStar had a positive return on equity of 0.39% and a negative net margin of 85.36%.The firm’s revenue was down 7.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.52) earnings per share. On average, equities research analysts expect that EchoStar Corporation will post -1.99 earnings per share for the current year.

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.