Potomac Capital Management Inc. purchased a new stake in EchoStar Corporation (NASDAQ:SATS – Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 248,900 shares of the communications equipment provider’s stock, valued at approximately $27,055,000. EchoStar comprises 21.7% of Potomac Capital Management Inc.’s portfolio, making the stock its biggest position. Potomac Capital Management Inc. owned 0.09% of EchoStar at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. CoreCap Advisors LLC bought a new stake in shares of EchoStar in the 4th quarter valued at about $28,000. Rosenberg Matthew Hamilton bought a new stake in shares of EchoStar in the 4th quarter valued at about $29,000. Tucker Asset Management LLC bought a new stake in shares of EchoStar in the 4th quarter valued at about $42,000. BOKF NA increased its stake in shares of EchoStar by 300.0% in the 4th quarter. BOKF NA now owns 400 shares of the communications equipment provider’s stock valued at $43,000 after acquiring an additional 300 shares during the last quarter. Finally, Godfrey Financial Associates Inc. bought a new stake in shares of EchoStar in the 4th quarter valued at about $51,000. 33.62% of the stock is owned by institutional investors.
Insider Transactions at EchoStar
In other EchoStar news, CEO Hamid Akhavan sold 52,586 shares of the 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 represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 55.70% of the company’s stock.
EchoStar Price Performance
EchoStar (NASDAQ:SATS – Get Free Report) last released its earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.03). The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.65 billion. EchoStar had a negative return on equity of 4.80% and a negative net margin of 97.56%.During the same quarter last year, the company posted ($0.71) EPS. Equities analysts forecast that EchoStar Corporation will post -3.79 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on the company. UBS Group upped their price target on EchoStar from $125.00 to $127.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. New Street Research assumed coverage on EchoStar in a research note on Wednesday, May 13th. They issued a “buy” rating and a $161.00 price target for the company. Williams Trading set a $155.00 price target on EchoStar in a research note on Monday, May 18th. Zacks Research lowered EchoStar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of EchoStar in a research report on Monday, April 20th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $137.14.
Check Out Our Latest Analysis on EchoStar
EchoStar Profile
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.
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