Echostar CORP $ECHO Stake Trimmed by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its stake in Echostar CORP (NASDAQ:ECHO) by 16.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 52,688 shares of the company’s stock after selling 10,506 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Echostar were worth $4,711,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Tidal Investments LLC acquired a new stake in shares of Echostar during the 2nd quarter worth approximately $159,344,000. Tema ETFs LLC increased its holdings in shares of Echostar by 83,917.0% during the 2nd quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock valued at $156,228,000 after purchasing an additional 1,537,359 shares in the last quarter. Van ECK Associates Corp acquired a new position in shares of Echostar in the 2nd quarter valued at $139,004,000. Bank of America Corp DE lifted its stake in shares of Echostar by 42.4% in the 1st quarter. Bank of America Corp DE now owns 1,069,301 shares of the company’s stock valued at $125,183,000 after purchasing an additional 318,248 shares during the period. Finally, Atreides Management LP lifted its stake in shares of Echostar by 11.0% in the 1st quarter. Atreides Management LP now owns 1,000,346 shares of the company’s stock valued at $117,111,000 after purchasing an additional 99,262 shares during the period. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Wall Street Analyst Weigh In

ECHO has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on shares of Echostar from $134.00 to $132.00 and set an “overweight” rating on the stock in a report on Wednesday, November 4th. Weiss Ratings raised shares of Echostar from a “sell (d-)” rating to a “hold (c-)” rating in a report on Monday, November 9th. Zacks Research upgraded shares of Echostar from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. UBS Group upped their price objective on shares of Echostar from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, November 4th. Finally, TD Cowen lowered their target price on shares of Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $139.44.

Echostar Stock Up 1.9%

Shares of Echostar stock traded up $1.87 on Friday, reaching $100.00. The company’s stock had a trading volume of 5,170,551 shares, compared to its average volume of 4,572,957. The company has a debt-to-equity ratio of 0.57, a current ratio of 10.16 and a quick ratio of 10.08. The firm has a market capitalization of $29.10 billion, a P/E ratio of 3.65 and a beta of 1.06. The business has a 50-day simple moving average of $93.40. Echostar CORP has a 52-week low of $65.76 and a 52-week high of $147.25.

Echostar (NASDAQ:ECHO) last announced its earnings results on Tuesday, November 3rd. The company reported $7.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.07 by $4.90. Echostar had a return on equity of 22.85% and a net margin of 81.29%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $3.00 million. Sell-side analysts forecast that Echostar CORP will post -0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director William Wall acquired 1,000 shares of the firm’s stock in a transaction on Thursday, November 5th. The shares were acquired at an average cost of $90.41 per share, with a total value of $90,410.00. Following the completion of the acquisition, the director directly owned 3,500 shares in the company, valued at approximately $316,435. This trade represents a 40.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 54.60% of the company’s stock.

Echostar Company Profile

EchoStar Corporation is a communications and connectivity company whose businesses span satellite broadband, enterprise and government communications, pay-TV and wireless services. Its offerings include satellite-based internet and network solutions through Hughes Network Systems, along with consumer and business connectivity services. The company also provides video entertainment through DISH TV and Sling TV, and wireless services under the Boost Mobile brand. EchoStar serves customers in the United States and, through its satellite and communications operations, in international markets.