BI Asset Management Fondsmaeglerselskab A S Lowers Stake in EchoStar Corporation $SATS

BI Asset Management Fondsmaeglerselskab A S cut its stake in EchoStar Corporation (NASDAQ:SATS) by 94.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,257 shares of the communications equipment provider’s stock after selling 99,374 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in EchoStar were worth $733,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Hollencrest Capital Management purchased a new position in EchoStar in the fourth quarter valued at about $26,000. CoreCap Advisors LLC purchased a new stake in shares of EchoStar during the fourth quarter valued at about $28,000. Rosenberg Matthew Hamilton bought a new stake in shares of EchoStar in the 4th quarter valued at about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of EchoStar in the 3rd quarter valued at about $38,000. Finally, Tucker Asset Management LLC purchased a new position in shares of EchoStar in the 4th quarter worth approximately $42,000. 33.62% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SATS has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of EchoStar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of EchoStar in a research note on Monday, April 20th. TD Cowen upped their price target on EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Williams Trading set a $155.00 price target on EchoStar in a research report on Monday, May 18th. Finally, UBS Group increased their price objective on EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $137.71.

Insider Transactions at EchoStar

In related news, CEO Hamid Akhavan sold 52,586 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the transaction, the chief executive officer owned 865,633 shares in the company, valued at $104,741,593. This trade represents a 5.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.90% of the stock is owned by company insiders.

EchoStar Stock Down 0.1%

NASDAQ:SATS opened at $103.80 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17. EchoStar Corporation has a twelve month low of $24.15 and a twelve month high of $147.25. The company has a market cap of $30.08 billion, a PE ratio of -2.07 and a beta of 0.94. The company’s 50 day moving average is $123.01 and its two-hundred day moving average is $117.10.

EchoStar (NASDAQ:SATS) last posted its quarterly earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.03). The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.65 billion. EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.During the same period in the prior year, the business posted ($0.71) EPS.

EchoStar Profile

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.