Amundi Trims Stake in Echostar CORP $ECHO

Key Points

• Amundi cut its EchoStar stake by 40.8% in the first quarter, selling 240,340 shares and retaining 348,124 shares valued at approximately $40.8 million. Institutional investors collectively own 33.62% of the company.
• Wall Street analysts remain broadly positive, with EchoStar receiving a consensus “Moderate Buy” rating and an average price target of $136.25, despite targets ranging from $126 to $155.
• EchoStar reported a quarterly loss of $0.51 per share on $3.67 billion in revenue, while its CEO sold 52,586 shares for about $6.36 million under a pre-arranged Rule 10b5-1 trading plan.

Amundi lessened its stake in shares of Echostar CORP (NASDAQ:ECHO - Free Report) by 40.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 348,124 shares of the company's stock after selling 240,340 shares during the quarter. Amundi owned about 0.12% of Echostar worth $40,755,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ECHO. Hollencrest Capital Management acquired a new stake in shares of Echostar during the 4th quarter worth about $26,000. CoreCap Advisors LLC purchased a new stake in shares of Echostar during the fourth quarter worth about $28,000. Tucker Asset Management LLC acquired a new position in shares of Echostar in the fourth quarter valued at approximately $42,000. BOKF NA raised its position in shares of Echostar by 300.0% in the fourth quarter. BOKF NA now owns 400 shares of the company's stock valued at $43,000 after buying an additional 300 shares during the last quarter. Finally, Whittier Trust Co. purchased a new position in shares of Echostar during the first quarter valued at approximately $51,000. Hedge funds and other institutional investors own 33.62% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ECHO. TD Cowen raised their target price on shares of Echostar from $129.00 to $155.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Citigroup started coverage on Echostar in a report on Tuesday, July 7th. They issued a "buy" rating and a $126.00 price target for the company. Williams Trading set a $155.00 price target on Echostar in a research note on Monday, May 18th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $137.00 price objective on shares of Echostar in a report on Wednesday, July 15th. Finally, Wall Street Zen raised Echostar from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $136.25.

Echostar Price Performance

NASDAQ ECHO opened at $84.09 on Monday. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17. Echostar CORP has a 1-year low of $26.04 and a 1-year high of $147.25. The stock has a market capitalization of $24.37 billion, a PE ratio of -1.68 and a beta of 1.03.

Echostar (NASDAQ:ECHO - Get Free Report) last posted its earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. The business had revenue of $3.67 billion for the quarter. Echostar had a negative return on equity of 4.80% and a negative net margin of 97.56%. On average, equities research analysts predict that Echostar CORP will post -1.75 EPS for the current year.

Insider Activity

In other news, CEO Hamid Akhavan sold 52,586 shares of the firm'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 transaction, the chief executive officer owned 865,633 shares of the company's stock, valued at approximately $104,741,593. This trade represents a 5.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.70% of the stock is owned by insiders.

Echostar Company 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.

Want to see what other hedge funds are holding ECHO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Echostar CORP (NASDAQ:ECHO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source