SEB Asset Management AB Buys New Position in EchoStar Corporation $SATS

SEB Asset Management AB bought a new stake in EchoStar Corporation (NASDAQ:SATS) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 29,889 shares of the communications equipment provider’s stock, valued at approximately $3,499,000.

A number of other large investors have also recently bought and sold shares of SATS. Hollencrest Capital Management acquired a new stake in shares of EchoStar in the fourth quarter valued at approximately $26,000. CoreCap Advisors LLC bought a new stake in shares of EchoStar in the fourth quarter worth $28,000. Tucker Asset Management LLC acquired a new position in EchoStar during the fourth quarter worth $42,000. BOKF NA boosted its holdings in EchoStar by 300.0% during the fourth quarter. BOKF NA now owns 400 shares of the communications equipment provider’s stock worth $43,000 after purchasing an additional 300 shares during the last quarter. Finally, Whittier Trust Co. bought a new position in EchoStar in the first quarter valued at $51,000. Institutional investors and hedge funds own 33.62% of the company’s stock.

Insider Transactions at EchoStar

In related news, CEO Hamid Akhavan sold 52,586 shares of EchoStar stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $121.00, for a total transaction 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. This trade represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 55.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SATS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a research note on Monday, April 20th. New Street Research set a $165.00 price objective on shares of EchoStar in a research note on Monday, June 15th. Williams Trading set a $155.00 price objective on EchoStar in a report on Monday, May 18th. Wall Street Zen raised EchoStar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, TD Cowen upped their target price on EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $137.71.

EchoStar Stock Performance

NASDAQ SATS opened at $103.80 on Thursday. The firm has a market capitalization of $30.08 billion, a P/E ratio of -2.07 and a beta of 0.94. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 3.17. The firm’s fifty day moving average price is $114.65 and its two-hundred day moving average price is $117.02. EchoStar Corporation has a 1 year low of $24.15 and a 1 year high of $147.25.

EchoStar (NASDAQ:SATS) last announced its quarterly earnings data on Saturday, May 9th. The communications equipment provider reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.03). The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. EchoStar had a negative net margin of 97.56% and a negative return on equity of 4.80%. During the same period last year, the business earned ($0.71) EPS.

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.