Ascentis Wealth Management LLC Acquires Shares of 334,950 Echostar CORP $ECHO

Key Points

• Ascentis Wealth Management acquired 334,950 EchoStar shares worth approximately $335 million, representing a 0.12% stake. Institutional investors collectively own 33.62% of the company.
• EchoStar reported a quarterly loss of $0.51 per share on $3.67 billion in revenue, with a negative net margin of 38.71%; analysts expect a full-year loss of $1.35 per share.
• The stock opened at $91.68, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $132.00. Several insiders, including the CEO and a director, recently sold shares.

Ascentis Wealth Management LLC purchased a new position in shares of Echostar CORP (NASDAQ:ECHO - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 334,950 shares of the company's stock, valued at approximately $334,950,000. Ascentis Wealth Management LLC owned 0.12% of Echostar at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ECHO. Bellwether Advisors LLC bought a new position in Echostar in the 4th quarter worth approximately $3,593,000. Dockside LLC purchased a new position in Echostar during the fourth quarter worth about $1,554,000. Seven Grand Managers LLC bought a new position in shares of Echostar in the fourth quarter worth approximately $21,740,000. Legal & General Group Plc increased its holdings in shares of Echostar by 47.0% in the 4th quarter. Legal & General Group Plc now owns 356,447 shares of the company's stock worth $38,746,000 after buying an additional 114,018 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. bought a new position in Echostar in the fourth quarter valued at $28,994,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Echostar Stock Performance

Shares of NASDAQ ECHO opened at $91.68 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. The company has a market cap of $26.63 billion, a P/E ratio of -3.68 and a beta of 1.03. Echostar CORP has a 12-month low of $26.52 and a 12-month high of $147.25.

Echostar (NASDAQ:ECHO - Get Free Report) last posted its quarterly earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share for the quarter. The firm had revenue of $3.67 billion during the quarter. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%. Analysts anticipate that Echostar CORP will post -1.35 earnings per share for the current year.

Insider Activity at Echostar

In other news, CEO Hamid Akhavan sold 52,586 shares of Echostar 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 owned 865,633 shares in the company, valued at approximately $104,741,593. The trade was a 5.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen J. Bye sold 8,508 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the completion of the sale, the director directly owned 653 shares of the company's stock, valued at approximately $58,658.99. The trade was a 92.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

ECHO has been the topic of several research reports. Citigroup decreased their price target on shares of Echostar from $126.00 to $117.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. TD Cowen decreased their target price on Echostar from $155.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, August 4th. Wall Street Zen raised Echostar from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Williams Trading set a $155.00 target price on shares of Echostar in a research report on Monday, May 18th. Finally, 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 research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $132.00.

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.

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