Pictet Asset Management Holding SA Buys New Stake in Echostar CORP $ECHO

Pictet Asset Management Holding SA bought a new stake in shares of Echostar CORP (NASDAQ:ECHO) during the second quarter, HoldingsChannel reports. The fund bought 63,194 shares of the company’s stock, valued at approximately $6,414,000.

Other hedge funds also recently bought and sold shares of the company. Hollencrest Capital Management purchased a new stake in shares of Echostar in the fourth quarter valued at $26,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Echostar during the first quarter valued at $34,000. Pittenger & Anderson Inc. purchased a new stake in Echostar during the 2nd quarter worth about $38,000. NewEdge Advisors LLC increased its position in Echostar by 134.8% during the 1st quarter. NewEdge Advisors LLC now owns 324 shares of the company’s stock worth $38,000 after purchasing an additional 186 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Echostar during the 3rd quarter worth about $38,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Insider Buying and Selling at Echostar

In other Echostar news, Director Stephen J. Bye sold 8,508 shares of Echostar stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $89.83, for a total value of $764,273.64. Following the completion of the sale, the director owned 653 shares in the company, valued at $58,658.99. The trade was a 92.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hamid Akhavan sold 52,586 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were 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 of the company’s stock, valued at approximately $104,741,593. This represents a 5.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 66,094 shares of company stock worth $7,587,592 in the last 90 days. 2.00% of the stock is owned by company insiders.

Echostar Stock Up 0.2%

Shares of NASDAQ:ECHO opened at $91.89 on Friday. The firm has a market capitalization of $26.69 billion, a PE ratio of -3.69 and a beta of 1.03. The company has a quick ratio of 5.12, a current ratio of 5.20 and a debt-to-equity ratio of 1.13. Echostar CORP has a 52 week low of $26.52 and a 52 week high of $147.25.

Echostar (NASDAQ:ECHO) last released its 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. On average, equities analysts forecast that Echostar CORP will post -1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ECHO. New Street Research set a $165.00 target price on shares of Echostar in a report on Monday, June 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $137.00 price target on shares of Echostar in a research note on Wednesday, July 15th. Weiss Ratings initiated coverage on shares of Echostar in a report on Monday, July 6th. They set a “sell (d-)” rating for the company. Citigroup cut their price objective on shares of Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday, August 4th. Finally, Williams Trading set a $155.00 price objective on shares of Echostar in a research note on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $132.00.

Echostar Profile

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.