Hsbc Holdings PLC Increases Stock Position in EchoStar Corporation $SATS

Hsbc Holdings PLC raised its stake in shares of EchoStar Corporation (NASDAQ:SATS) by 301.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 79,182 shares of the communications equipment provider’s stock after acquiring an additional 59,482 shares during the period. Hsbc Holdings PLC’s holdings in EchoStar were worth $8,654,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. AQR Capital Management LLC boosted its position in shares of EchoStar by 6.0% during the 1st quarter. AQR Capital Management LLC now owns 26,805 shares of the communications equipment provider’s stock worth $672,000 after purchasing an additional 1,511 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in EchoStar by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,482 shares of the communications equipment provider’s stock valued at $1,854,000 after purchasing an additional 3,199 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in EchoStar by 8.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 331,476 shares of the communications equipment provider’s stock valued at $8,479,000 after purchasing an additional 24,749 shares during the period. Strs Ohio purchased a new stake in EchoStar in the first quarter valued at approximately $128,000. Finally, Invesco Ltd. lifted its stake in EchoStar by 30.1% during the second quarter. Invesco Ltd. now owns 913,292 shares of the communications equipment provider’s stock worth $25,298,000 after purchasing an additional 211,421 shares in the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.

EchoStar Stock Performance

NASDAQ:SATS opened at $103.80 on Thursday. EchoStar Corporation has a 52 week low of $24.15 and a 52 week high of $147.25. The company has a fifty day simple moving average of $118.91 and a two-hundred day simple moving average of $117.28. The company has a quick ratio of 0.27, a current ratio of 0.30 and a debt-to-equity ratio of 3.17. The company has a market cap of $30.08 billion, a price-to-earnings ratio of -2.07 and a beta of 0.94.

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

Insiders Place Their Bets

In other EchoStar news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 865,633 shares of the company’s stock, valued at $104,741,593. This trade represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SATS. New Street Research set a $165.00 price target on EchoStar in a research report on Monday, June 15th. Williams Trading set a $155.00 price objective on EchoStar in a report on Monday, May 18th. TD Cowen increased their target price on EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Weiss Ratings restated a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. Finally, Wall Street Zen raised EchoStar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, EchoStar has a consensus rating of “Hold” and a consensus target price of $137.71.

EchoStar Company 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.