Resolute Advisors LLC Makes New $3.77 Million Investment in Echostar CORP $ECHO

Resolute Advisors LLC bought a new stake in shares of Echostar CORP (NASDAQ:ECHO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 37,184 shares of the company’s stock, valued at approximately $3,774,000. Echostar accounts for 0.9% of Resolute Advisors LLC’s portfolio, making the stock its 17th largest holding.

A number of other institutional investors have also recently made changes to their positions in the stock. AQR Capital Management LLC raised its holdings in shares of Echostar by 6.0% during the first quarter. AQR Capital Management LLC now owns 26,805 shares of the company’s stock valued at $672,000 after purchasing an additional 1,511 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Echostar by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,482 shares of the company’s stock worth $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 boosted its holdings 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 company’s stock worth $8,479,000 after purchasing an additional 24,749 shares during the last quarter. Strs Ohio purchased a new stake in Echostar in the first quarter worth approximately $128,000. Finally, Hsbc Holdings PLC grew its position in Echostar by 18.6% in the 2nd quarter. Hsbc Holdings PLC now owns 13,528 shares of the company’s stock worth $377,000 after purchasing an additional 2,119 shares during the period. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ECHO. Weiss Ratings started coverage on Echostar in a report on Monday, July 6th. They set a “sell (d-)” rating on the stock. Citigroup dropped their price target on Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Raymond James Financial raised Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective for the company in a report on Friday, July 17th. New Street Research set a $165.00 target price on Echostar in a report on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $137.00 target price on shares of Echostar in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Echostar presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.00.

Insider Buying and Selling

In related news, CEO Hamid Akhavan sold 52,586 shares of Echostar stock in a transaction on Friday, June 5th. The stock was sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director William David Wade sold 2,575 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total value of $238,573.75. Following the transaction, the director owned 2,749 shares of the company’s stock, valued at approximately $254,694.85. This trade represents a 48.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 66,094 shares of company stock valued at $7,587,592. 55.70% of the stock is owned by company insiders.

Echostar Trading Down 0.5%

Shares of ECHO stock opened at $86.04 on Wednesday. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13. Echostar CORP has a 12 month low of $60.35 and a 12 month high of $147.25. The stock has a market capitalization of $24.99 billion, a PE ratio of -3.45 and a beta of 1.00. The firm’s 50 day simple moving average is $89.81.

Echostar (NASDAQ:ECHO) last issued its quarterly earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share for the quarter. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%.The business had revenue of $3.67 billion for the quarter. As a group, equities analysts forecast that Echostar CORP will post -1.35 earnings per share for the current year.

About Echostar

EchoStar Corporation is a communications company that provides satellite and wireless services, video distribution, and broadband connectivity solutions. Its business has historically been centered on satellite technology and related services, serving customers through a range of connectivity and network offerings.

The company operates through several segments that support pay-TV, enterprise, government, and consumer communications needs. Its services and technologies have included satellite television distribution, broadband satellite access, network infrastructure, and wireless communications capabilities.

EchoStar was founded in 1980 and has long been associated with satellite communications in the United States.