Allspring Global Investments Holdings LLC Invests $775,000 in EchoStar Corporation $SATS

Allspring Global Investments Holdings LLC purchased a new position in EchoStar Corporation (NASDAQ:SATS) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,427 shares of the communications equipment provider’s stock, valued at approximately $775,000.

Several other hedge funds and other institutional investors have also modified their holdings of SATS. Bellwether Advisors LLC acquired a new stake in shares of EchoStar in the 4th quarter worth about $3,593,000. Dockside LLC bought a new stake in EchoStar in the 4th quarter valued at about $1,554,000. Seven Grand Managers LLC bought a new stake in EchoStar in the 4th quarter valued at about $21,740,000. Legal & General Group Plc boosted its stake in EchoStar by 47.0% during the 4th quarter. Legal & General Group Plc now owns 356,447 shares of the communications equipment provider’s stock valued at $38,746,000 after purchasing an additional 114,018 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new position in EchoStar during the 4th quarter valued at about $28,994,000. 33.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SATS shares. Wall Street Zen upgraded shares of EchoStar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. TD Cowen boosted their price objective on EchoStar from $129.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. New Street Research set a $165.00 price objective on EchoStar in a research report on Monday, June 15th. Williams Trading set a $155.00 price objective on EchoStar in a report on Monday, May 18th. Finally, Weiss Ratings restated 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $137.71.

Insider Buying and Selling at EchoStar

In other news, CEO Hamid Akhavan sold 52,586 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were 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 trade represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 55.90% of the company’s stock.

EchoStar Price Performance

NASDAQ SATS opened at $103.80 on Tuesday. EchoStar Corporation has a 12 month low of $24.15 and a 12 month high of $147.25. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27. The firm has a market capitalization of $30.08 billion, a PE ratio of -2.07 and a beta of 0.94. The company’s 50 day simple moving average is $112.70 and its 200 day simple moving average is $116.83.

EchoStar (NASDAQ:SATS) last issued its quarterly earnings results on Saturday, May 9th. The communications equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.03). EchoStar had a negative net margin of 97.56% and a negative return on equity of 4.80%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same quarter last year, the business posted ($0.71) earnings per share.

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.