Echostar (NASDAQ:ECHO) Director Stephen Bye Sells 8,508 Shares of Stock

by · The Cerbat Gem

Echostar CORP (NASDAQ:ECHO – Get Free Report) Director Stephen Bye sold 8,508 shares of Echostar stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $89.83, for a total transaction of $764,273.64. Following the completion of the transaction, the director directly owned 653 shares of the company’s stock, valued at $58,658.99. This trade represents a 92.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Echostar Trading Down 1.3%

ECHO opened at $87.98 on Wednesday. The stock has a market cap of $25.56 billion, a P/E ratio of -3.53 and a beta of 1.03. Echostar CORP has a fifty-two week low of $26.52 and a fifty-two week high of $147.25. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13.

Echostar (NASDAQ:ECHO – Get Free Report) last issued 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 net margin of 38.71% and a negative return on equity of 1.28%. Equities analysts expect that Echostar CORP will post -1.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Echostar

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sachem Head Capital Management LP acquired a new stake in shares of Echostar in the 4th quarter worth approximately $568,218,000. Norges Bank acquired a new position in shares of Echostar during the fourth quarter valued at approximately $182,111,000. Tema ETFs LLC increased its stake in shares of Echostar by 83,917.0% during the second quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock valued at $156,228,000 after acquiring an additional 1,537,359 shares during the period. 140 Summer Partners LP bought a new stake in Echostar during the fourth quarter worth approximately $99,678,000. Finally, Atreides Management LP bought a new stake in Echostar during the fourth quarter worth approximately $97,948,000. 33.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on ECHO. Wall Street Zen upgraded Echostar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. New Street Research set a $165.00 price target on shares of Echostar in a report on Monday, June 15th. TD Cowen lowered their price target on shares of Echostar from $155.00 to $130.00 and set a “buy” rating for the company in a research report on Tuesday, August 4th. Weiss Ratings started coverage on shares of Echostar in a report on Monday, July 6th. They issued a “sell (d-)” rating on the stock. Finally, Citigroup cut their price objective on shares of Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $132.00.

View Our Latest Research Report on ECHO

About Echostar

(Get Free Report)

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.

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