Allspring Global Investments Holdings LLC Invests $775,000 in EchoStar Corporation $SATS

Allspring Global Investments Holdings LLC bought a new stake in shares of EchoStar Corporation (NASDAQ:SATS) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,427 shares of the communications equipment provider’s stock, valued at approximately $775,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SATS. Sachem Head Capital Management LP purchased a new position in shares of EchoStar in the fourth quarter worth approximately $568,218,000. Geode Capital Management LLC raised its holdings in shares of EchoStar by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,524,576 shares of the communications equipment provider’s stock valued at $382,595,000 after acquiring an additional 48,671 shares during the period. Contrarius Group Holdings Ltd lifted its position in shares of EchoStar by 68.6% in the 4th quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the communications equipment provider’s stock valued at $237,154,000 after acquiring an additional 887,611 shares in the last quarter. Northern Trust Corp lifted its position in shares of EchoStar by 1.3% in the 4th quarter. Northern Trust Corp now owns 1,767,338 shares of the communications equipment provider’s stock valued at $192,110,000 after acquiring an additional 22,900 shares in the last quarter. Finally, Norges Bank acquired a new position in EchoStar in the 4th quarter worth approximately $182,111,000. Institutional investors and hedge funds own 33.62% of the company’s stock.

Wall Street Analyst Weigh In

SATS has been the topic of a number of research analyst reports. Wall Street Zen upgraded EchoStar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Williams Trading set a $155.00 price objective on EchoStar in a research report on Monday, May 18th. TD Cowen lifted their target price on EchoStar from $129.00 to $155.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a report on Monday, April 20th. Finally, New Street Research set a $165.00 price target on shares of EchoStar in a research report on Monday, June 15th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $137.71.

Insider Buying and Selling at EchoStar

In other news, CEO Hamid Akhavan sold 52,586 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the sale, the chief executive officer directly owned 865,633 shares in the company, valued at approximately $104,741,593. The trade was a 5.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.90% of the company’s stock.

EchoStar Stock Down 0.1%

Shares of SATS stock opened at $103.80 on Tuesday. The stock’s 50 day simple moving average is $112.70 and its 200 day simple moving average is $116.83. EchoStar Corporation has a twelve month low of $24.15 and a twelve month high of $147.25. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30. The company has a market capitalization of $30.08 billion, a price-to-earnings ratio of -2.07 and a beta of 0.94.

EchoStar (NASDAQ:SATS) last announced its 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). EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the previous year, the company earned ($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.