Pictet Asset Management Holding SA Grows Stock Position in EchoStar Corporation $SATS

Pictet Asset Management Holding SA grew its holdings in EchoStar Corporation (NASDAQ:SATS) by 167.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,464 shares of the communications equipment provider’s stock after purchasing an additional 34,719 shares during the period. Pictet Asset Management Holding SA’s holdings in EchoStar were worth $6,029,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of SATS. Deseret Mutual Benefit Administrators purchased a new stake in EchoStar in the third quarter worth $28,000. CoreCap Advisors LLC purchased a new stake in EchoStar in the fourth quarter worth $28,000. Rosenberg Matthew Hamilton purchased a new stake in EchoStar in the fourth quarter worth $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in EchoStar in the third quarter worth $38,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in EchoStar in the fourth quarter worth $62,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Hamid Akhavan sold 71,005 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $107.52, for a total transaction of $7,634,457.60. Following the transaction, the chief executive officer owned 823,293 shares of the company’s stock, valued at approximately $88,520,463.36. This represents a 7.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO John Swieringa sold 50,088 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $113.58, for a total value of $5,688,995.04. Following the transaction, the chief operating officer directly owned 253,535 shares in the company, valued at $28,796,505.30. The trade was a 16.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 55.90% of the stock is currently owned by corporate insiders.

EchoStar Price Performance

SATS opened at $123.18 on Monday. EchoStar Corporation has a 12-month low of $14.90 and a 12-month high of $137.44. The company has a current ratio of 0.42, a quick ratio of 0.38 and a debt-to-equity ratio of 3.21. The business’s fifty day simple moving average is $117.61 and its 200-day simple moving average is $103.76. The company has a market capitalization of $35.58 billion, a price-to-earnings ratio of -2.45 and a beta of 0.96.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SATS. Citigroup increased their target price on EchoStar from $111.00 to $121.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 3rd. Zacks Research lowered EchoStar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. TD Cowen reiterated a “buy” rating on shares of EchoStar in a research note on Wednesday, January 7th. Williams Trading set a $158.00 target price on EchoStar in a research note on Wednesday, January 7th. Finally, UBS Group increased their target price on EchoStar from $125.00 to $127.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $134.17.

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.