Atreides Management LP Has $117.11 Million Stock Position in Echostar CORP $ECHO

Atreides Management LP increased its position in Echostar CORP (NASDAQ:ECHO - Free Report) by 11.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,000,346 shares of the company's stock after purchasing an additional 99,262 shares during the period. Echostar makes up 2.3% of Atreides Management LP's investment portfolio, making the stock its 11th largest holding. Atreides Management LP owned about 0.35% of Echostar worth $117,111,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ECHO. AQR Capital Management LLC increased its stake in Echostar by 6.0% in the 1st quarter. AQR Capital Management LLC now owns 26,805 shares of the company's stock valued at $672,000 after buying an additional 1,511 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 acquiring an additional 3,199 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Echostar by 8.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 331,476 shares of the company's stock valued at $8,479,000 after buying an additional 24,749 shares in the last quarter. Strs Ohio purchased a new position in Echostar during the first quarter valued at approximately $128,000. Finally, Hsbc Holdings PLC boosted its holdings in Echostar by 18.6% in the 2nd quarter. Hsbc Holdings PLC now owns 13,528 shares of the company's stock valued at $377,000 after purchasing an additional 2,119 shares during the period. Institutional investors and hedge funds own 33.62% of the company's stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ECHO shares. New Street Research set a $165.00 target price on shares of Echostar in a research note on Monday, June 15th. TD Cowen increased their target price on Echostar from $129.00 to $155.00 and gave the company a "buy" rating in a report on Monday, May 18th. Weiss Ratings started coverage on shares of Echostar in a research report on Monday, July 6th. They set a "sell (d-)" rating for the company. Williams Trading set a $155.00 price objective on Echostar in a research report on Monday, May 18th. Finally, Citigroup initiated coverage on shares of Echostar in a research note on Tuesday, July 7th. They set a "buy" rating and a $126.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Echostar has a consensus rating of "Moderate Buy" and a consensus target price of $136.25.

Echostar Price Performance

Shares of NASDAQ:ECHO opened at $85.93 on Wednesday. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30. The stock has a market capitalization of $24.90 billion, a price-to-earnings ratio of -1.72 and a beta of 1.00. Echostar CORP has a 52-week low of $26.04 and a 52-week high of $147.25.

Echostar (NASDAQ:ECHO - Get Free Report) 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 net margin of 97.56% and a negative return on equity of 4.80%. The firm had revenue of $3.67 billion for the quarter. Equities analysts anticipate that Echostar CORP will post -1.75 earnings per share for the current year.

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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