Wealth High Governance Asset Management Ltda. Has $8.76 Million Stake in Echostar CORP $ECHO

Wealth High Governance Asset Management Ltda. increased its position in shares of Echostar CORP (NASDAQ:ECHO) by 13.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 74,832 shares of the company’s stock after acquiring an additional 8,674 shares during the quarter. Echostar comprises approximately 3.1% of Wealth High Governance Asset Management Ltda.’s investment portfolio, making the stock its 13th biggest holding. Wealth High Governance Asset Management Ltda.’s holdings in Echostar were worth $8,761,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ECHO. Sachem Head Capital Management LP bought a new position in shares of Echostar during the 4th quarter valued at about $568,218,000. Geode Capital Management LLC boosted its holdings in Echostar by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,524,576 shares of the company’s stock worth $382,595,000 after purchasing an additional 48,671 shares during the last quarter. Contrarius Group Holdings Ltd boosted its stake in shares of Echostar by 68.6% during the 4th quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the company’s stock worth $237,154,000 after buying an additional 887,611 shares during the last quarter. Northern Trust Corp boosted its position in Echostar by 1.3% during the fourth quarter. Northern Trust Corp now owns 1,767,338 shares of the company’s stock valued at $192,110,000 after purchasing an additional 22,900 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Echostar in the 4th quarter valued at approximately $182,111,000. 33.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ECHO has been the subject of a number of research analyst reports. Wall Street Zen upgraded Echostar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Williams Trading set a $155.00 price target on shares of Echostar in a research note on Monday, May 18th. Weiss Ratings initiated coverage on Echostar in a research report on Monday, July 6th. They set a “sell (d-)” rating on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $137.00 target price on shares of Echostar in a report on Wednesday, July 15th. Finally, Citigroup initiated coverage on Echostar in a research report on Tuesday, July 7th. They issued a “buy” rating and a $126.00 price target on the stock. One equities research 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $136.25.

Echostar Stock Performance

ECHO opened at $84.09 on Monday. The company has a market capitalization of $24.37 billion, a PE ratio of -1.68 and a beta of 1.03. Echostar CORP has a 1-year low of $26.04 and a 1-year high of $147.25. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30.

Echostar (NASDAQ:ECHO) last announced its quarterly 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 company had revenue of $3.67 billion for the quarter. On average, equities analysts expect that Echostar CORP will post -1.75 earnings per share for the current year.

Insiders Place Their Bets

In other Echostar news, CEO Hamid Akhavan sold 52,586 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $104,741,593. This represents a 5.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.70% of the stock is owned by insiders.

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.