Mirabella Financial Services LLP Makes New $420,000 Investment in EchoStar Corporation $SATS

by · The Cerbat Gem

Mirabella Financial Services LLP bought a new stake in EchoStar Corporation (NASDAQ:SATS – Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,500 shares of the communications equipment provider’s stock, valued at approximately $420,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Deseret Mutual Benefit Administrators purchased a new stake in shares of EchoStar during the 3rd quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd purchased a new position in EchoStar in the 3rd quarter valued at approximately $38,000. Bessemer Group Inc. increased its stake in EchoStar by 79.1% in the 3rd quarter. Bessemer Group Inc. now owns 838 shares of the communications equipment provider’s stock valued at $64,000 after purchasing an additional 370 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in EchoStar by 593.2% during the third quarter. Farther Finance Advisors LLC now owns 922 shares of the communications equipment provider’s stock worth $70,000 after purchasing an additional 789 shares during the last quarter. Finally, Danske Bank A S acquired a new position in EchoStar during the third quarter worth $92,000. 33.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at EchoStar

In other EchoStar news, CEO Hamid Akhavan sold 71,005 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the transaction, the chief executive officer owned 823,293 shares of the company’s stock, valued at $88,520,463.36. This trade represents a 7.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO John Swieringa sold 50,088 shares of EchoStar stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $113.58, for a total transaction of $5,688,995.04. Following the completion of the transaction, the chief operating officer owned 253,535 shares in the company, valued at approximately $28,796,505.30. This trade represents a 16.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 55.90% of the company’s stock.

EchoStar Trading Up 1.3%

Shares of SATS stock opened at $109.11 on Friday. The firm’s 50-day simple moving average is $115.27 and its 200-day simple moving average is $93.23. The company has a debt-to-equity ratio of 3.21, a current ratio of 0.42 and a quick ratio of 0.38. EchoStar Corporation has a 1-year low of $14.90 and a 1-year high of $132.25. The firm has a market cap of $31.41 billion, a P/E ratio of -2.17 and a beta of 1.01.

Wall Street Analyst Weigh In

Several research firms have weighed in on SATS. 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 report on Wednesday, December 10th. Zacks Research downgraded EchoStar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of EchoStar in a research note on Wednesday, January 21st. Citigroup raised their target price on shares of EchoStar from $111.00 to $121.00 and gave the company a “neutral” rating in a report on Tuesday, February 3rd. Finally, UBS Group lifted their target price on shares of EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, EchoStar presently has a consensus rating of “Hold” and a consensus price target of $134.17.

Get Our Latest Analysis on SATS

About EchoStar

(Free Report)

EchoStar Corporation (NASDAQ: SATS) is a global provider of satellite communication solutions, offering a suite of broadband and video delivery services to consumer, enterprise and government customers. The company operates two principal business segments: Broadband and Video. Through its Broadband segment, EchoStar delivers high-speed satellite internet access, managed network services and ground infrastructure for residential, commercial and rural markets. Its Video segment provides satellite fleet operations, teleport facilities and capacity-leasing services to video distributors and content providers.

In the Broadband segment, EchoStar’s Hughes Network Systems division designs and manufactures satellite broadband equipment, including user terminals and gateways, and develops advanced network management technologies.

Further Reading

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