Pictet Asset Management Holding SA Acquires 34,719 Shares of EchoStar Corporation $SATS

Key Points

• Pictet Asset Management boosted its EchoStar stake by 167.4%, buying 34,719 shares to hold 55,464 shares worth about $6.03 million per its latest SEC filing.
• Insider selling was notable: CEO Hamid Akhavan sold 71,005 shares (~$7.63M) and COO John Swieringa sold 50,088 shares (~$5.69M), though corporate insiders still own 55.90% of the company.
• Wall Street is mixed with a consensus rating of "Hold" and an average price target of $134.17; EchoStar trades near $123 with a market cap of roughly $35.6 billion.

Pictet Asset Management Holding SA boosted its holdings in EchoStar Corporation (NASDAQ:SATS - Free Report) by 167.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,464 shares of the communications equipment provider's stock after purchasing an additional 34,719 shares during the quarter. Pictet Asset Management Holding SA's holdings in EchoStar were worth $6,029,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. HB Wealth Management LLC boosted its position in shares of EchoStar by 2.0% during the 4th quarter. HB Wealth Management LLC now owns 4,933 shares of the communications equipment provider's stock valued at $536,000 after acquiring an additional 98 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of EchoStar by 11.1% during the 3rd quarter. Fifth Third Bancorp now owns 1,665 shares of the communications equipment provider's stock valued at $127,000 after acquiring an additional 167 shares during the last quarter. CoreCap Advisors LLC bought a new position in shares of EchoStar during the 4th quarter valued at approximately $28,000. Rosenberg Matthew Hamilton bought a new position in shares of EchoStar during the 4th quarter valued at approximately $29,000. Finally, Amalgamated Bank boosted its position in shares of EchoStar by 0.5% during the 3rd quarter. Amalgamated Bank now owns 58,941 shares of the communications equipment provider's stock valued at $4,501,000 after acquiring an additional 293 shares during the last quarter. 33.62% of the stock is currently owned by institutional investors.

Insider Buying and Selling at EchoStar

In related news, CEO Hamid Akhavan sold 71,005 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the sale, the chief executive officer owned 823,293 shares in the company, valued at approximately $88,520,463.36. This represents a 7.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO John Swieringa sold 50,088 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $113.58, for a total value of $5,688,995.04. Following the sale, the chief operating officer owned 253,535 shares in the company, valued at $28,796,505.30. The trade was a 16.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 55.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SATS. TD Cowen reiterated a "buy" rating on shares of EchoStar in a research report on Wednesday, January 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of EchoStar in a research report on Monday, April 20th. Citigroup increased their target price on EchoStar from $111.00 to $121.00 and gave the company a "neutral" rating in a research report on Tuesday, February 3rd. Zacks Research downgraded EchoStar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 10th. Finally, UBS Group increased their target price on EchoStar from $125.00 to $127.00 and gave the company a "neutral" rating in a research report on Tuesday, March 3rd. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, EchoStar has a consensus rating of "Hold" and an average price target of $134.17.

EchoStar Stock Performance

NASDAQ:SATS opened at $123.18 on Monday. The stock's fifty day moving average is $117.61 and its 200 day moving average is $103.76. EchoStar Corporation has a fifty-two week low of $14.90 and a fifty-two week high of $137.44. The firm has a market capitalization of $35.58 billion, a PE ratio of -2.45 and a beta of 0.96. The company has a debt-to-equity ratio of 3.21, a quick ratio of 0.38 and a current ratio of 0.42.

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.

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