Wealth High Governance Capital Ltda Sells 29,337 Shares of Echostar CORP $ECHO

Wealth High Governance Capital Ltda lowered its stake in shares of Echostar CORP (NASDAQ:ECHO) by 25.1% in the 1st quarter, HoldingsChannel reports. The firm owned 87,584 shares of the company’s stock after selling 29,337 shares during the quarter. Echostar accounts for 3.1% of Wealth High Governance Capital Ltda’s portfolio, making the stock its 13th biggest position. Wealth High Governance Capital Ltda’s holdings in Echostar were worth $10,253,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Wealth High Governance Asset Management Ltda. lifted its stake in Echostar by 13.1% in the first quarter. Wealth High Governance Asset Management Ltda. now owns 74,832 shares of the company’s stock valued at $8,761,000 after purchasing an additional 8,674 shares during the last quarter. Empowered Funds LLC purchased a new stake in Echostar in the first quarter worth $7,814,000. Parallel Advisors LLC increased its position in Echostar by 4.1% in the first quarter. Parallel Advisors LLC now owns 2,089 shares of the company’s stock worth $245,000 after buying an additional 83 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Echostar by 134.8% in the first quarter. NewEdge Advisors LLC now owns 324 shares of the company’s stock valued at $38,000 after buying an additional 186 shares during the period. Finally, SOA Wealth Advisors LLC. bought a new stake in shares of Echostar in the first quarter valued at $34,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Insider Buying and Selling at Echostar

In related news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction 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 sale, the chief executive officer owned 865,633 shares in the company, valued at approximately $104,741,593. This trade represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 55.70% of the company’s stock.

Analyst Ratings Changes

ECHO has been the subject of several research reports. Wall Street Zen upgraded Echostar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Raymond James Financial upgraded shares of Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 target price for the company in a research report on Friday, July 17th. Citigroup assumed coverage on shares of Echostar in a research report on Tuesday, July 7th. They issued a “buy” rating and a $126.00 price target on the stock. New Street Research set a $165.00 price objective on shares of Echostar in a report on Monday, June 15th. Finally, TD Cowen boosted their target price on shares of Echostar from $129.00 to $155.00 and gave the company a “buy” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $136.25.

Echostar Price Performance

Shares of NASDAQ:ECHO opened at $84.09 on Monday. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27. The company has a market cap of $24.37 billion, a P/E ratio of -1.68 and a beta of 1.03. Echostar CORP has a 12 month low of $26.04 and a 12 month high of $147.25.

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

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.