Hedge Funds Are Buzzing About Echostar Corporation (SATS)

As industrywide interest jumped, key money managers have been driving this bullishness. Glenhill Advisors, managed by Glenn J. Krevlin, initiated the biggest position in Echostar Corporation (NASDAQ:SATS). Glenhill Advisors had $9.6 million invested in the company at the end of the quarter. Ari Zweiman’s 683 Capital Partners also initiated a $6.5 million position during the quarter. The other funds with brand new SATS positions are Sheetal Duggal’s Thrax Management, Dmitry Balyasny’s Balyasny Asset Management, and Francis Cueto’s Asturias Capital.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Echostar Corporation (NASDAQ:SATS) but similarly valued. We will take a look at BWX Technologies Inc (NYSE:BWXT), Santander Consumer USA Holdings Inc (NYSE:SC), Microsemi Corporation (NASDAQ:MSCC), and BBVA Banco Frances S.A. (ADR) (NYSE:BFR). This group of stocks’ market valuations are closest to SATS’s market valuation.

As you can see these stocks had an average of 23.25 hedge funds with bullish positions and the average amount invested in these stocks was $336 million. That figure was $461 million in SATS’ case. BWX Technologies Inc (NYSE:BWXT) is the most popular stock in this table. On the other hand BBVA Banco Frances S.A. (ADR) (NYSE:BFR) is the least popular one with only 11 bullish hedge fund positions. Echostar Corporation (NASDAQ:SATS) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal, as we’d rather spend our time researching stocks that hedge funds are piling on. In this regard both SATS and BWXT might be good candidates to consider long positions in.

Disclosure: None