Resolute Advisors LLC Makes New Investment in Echostar CORP $ECHO

Resolute Advisors LLC purchased a new stake in shares of Echostar CORP (NASDAQ:ECHO) during the second quarter, HoldingsChannel reports. The fund purchased 37,184 shares of the company’s stock, valued at approximately $3,774,000. Echostar comprises 0.9% of Resolute Advisors LLC’s holdings, making the stock its 17th largest holding.

Several other large investors have also made changes to their positions in the business. Bellwether Advisors LLC purchased a new position in Echostar in the 4th quarter worth approximately $3,593,000. Dockside LLC purchased a new stake in Echostar during the 4th quarter valued at approximately $1,554,000. Seven Grand Managers LLC purchased a new stake in Echostar during the 4th quarter valued at approximately $21,740,000. Legal & General Group Plc raised its position in shares of Echostar by 47.0% during the fourth quarter. Legal & General Group Plc now owns 356,447 shares of the company’s stock valued at $38,746,000 after buying an additional 114,018 shares during the last quarter. Finally, DNB Asset Management AS bought a new stake in shares of Echostar during the fourth quarter valued at approximately $3,110,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Echostar

In related news, CEO Hamid Akhavan sold 52,586 shares of the firm’s 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 completion of the sale, the chief executive officer directly owned 865,633 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director William David Wade sold 2,425 shares of Echostar stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $91.48, for a total transaction of $221,839.00. Following the transaction, the director directly owned 324 shares of the company’s stock, valued at $29,639.52. The trade was a 88.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 66,094 shares of company stock worth $7,587,592. Company insiders own 55.70% of the company’s stock.

Echostar Price Performance

Shares of ECHO stock opened at $86.04 on Wednesday. The stock has a market capitalization of $24.99 billion, a P/E ratio of -3.45 and a beta of 1.00. Echostar CORP has a 1 year low of $60.35 and a 1 year high of $147.25. The company’s 50 day moving average is $89.81. The company has a debt-to-equity ratio of 1.13, a quick ratio of 5.12 and a current ratio of 5.20.

Echostar (NASDAQ:ECHO) last announced its earnings results on Saturday, May 9th. The company reported ($0.51) EPS for the quarter. The company had revenue of $3.67 billion during the quarter. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%. Equities research analysts expect that Echostar CORP will post -1.35 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ECHO. Citigroup lowered their target price on shares of Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. TD Cowen cut their target price on shares of Echostar from $155.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $137.00 price target on shares of Echostar in a report on Wednesday, July 15th. Wall Street Zen raised shares of Echostar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Weiss Ratings began coverage on shares of Echostar in a report on Monday, July 6th. They set a “sell (d-)” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Echostar currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.00.

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.