Atreides Management LP Invests $97.95 Million in EchoStar Corporation $SATS

Atreides Management LP acquired a new position in shares of EchoStar Corporation (NASDAQ:SATS) in the 4th quarter, Holdings Channel reports. The fund acquired 901,084 shares of the communications equipment provider’s stock, valued at approximately $97,948,000. EchoStar accounts for about 1.2% of Atreides Management LP’s portfolio, making the stock its 16th biggest holding.

Other large investors have also made changes to their positions in the company. Hollencrest Capital Management acquired a new position in shares of EchoStar during the 4th quarter worth about $26,000. CoreCap Advisors LLC acquired a new position in shares of EchoStar during the 4th quarter worth about $28,000. Rosenberg Matthew Hamilton acquired a new position in shares of EchoStar during the 4th quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of EchoStar during the 3rd quarter worth about $38,000. Finally, Tucker Asset Management LLC acquired a new position in shares of EchoStar during the 4th quarter worth about $42,000. Institutional investors and hedge funds own 33.62% of the company’s stock.

Insider Activity

In other news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction that occurred 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 directly owned 865,633 shares of the company’s stock, valued at approximately $104,741,593. This represents a 5.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 7.7%

SATS stock opened at $111.70 on Thursday. 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 $32.37 billion, a PE ratio of -2.23 and a beta of 0.94. The business’s 50-day simple moving average is $125.33 and its 200 day simple moving average is $115.79. The company has a quick ratio of 0.27, a current ratio of 0.30 and a debt-to-equity ratio of 3.17.

EchoStar (NASDAQ:SATS) last released its earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.03). The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates 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 last year, the business earned ($0.71) earnings per share.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Williams Trading set a $155.00 price objective on EchoStar in a research report on Monday, May 18th. TD Cowen boosted their price objective on EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. UBS Group lifted their target price on EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Wall Street Zen raised EchoStar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of EchoStar in a research report on Monday, April 20th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $137.71.

About EchoStar

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.