5 Stocks To Sell Now According To David Einhorn’s Greenlight Capital

4. EchoStar Corporation (NASDAQ:SATS)

Percentage of Decline in Stake in Q1: 100%

Number Of Hedge Fund Holders: 29

EchoStar Corporation (NASDAQ:SATS) is a global satellite communication and internet services supplier. The company provides services through its Hughes Network Systems and EchoStar Satellite Services business segments. Greenlight Capital built its position in EchoStar Corporation (NASDAQ:SATS) over three quarters through Q2 2021. Although gradually reducing his stake each quarter since, Einhorn sold off the remaining stakes this quarter.

By the end of Q4 2021, Insider Monkey identified 29 hedge funds that had stakes in EchoStar Corporation (NASDAQ:SATS). The total value of these stakes amounted to more than $216.82 million. As of December 31, Jim Simons’ Renaissance Technologies is the leading stakeholder in EchoStar Corporation (NASDAQ:SATS), owning roughly 2.08 million shares worth over $54.75 million.

In its Q1 2022 investor letter, Fiduciary Management Large Cap Equity mentioned EchoStar Corporation (NASDAQ:SATS) and explained its insights for the company. Here is what they had to say:

“We exited our long position in EchoStar after holding it for a year with a 22% IRR. We became concerned that the company is having trouble growing subscribers. We also sold Jack in the Box after almost 2 years with a 55% IRR. We became concerned about focus shifting to a recent acquisition and more challenging earnings comparisons going forward.”