8,818 Shares of Echostar CORP $ECHO Acquired by Strategy Asset Managers LLC

by · The Markets Daily

Strategy Asset Managers LLC acquired a new position in Echostar CORP (NASDAQ:ECHO – Free Report) during the third quarter, HoldingsChannel reports. The institutional investor acquired 8,818 shares of the company’s stock, valued at approximately $788,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Strive Financial Group LLC purchased a new position in shares of Echostar during the second quarter valued at approximately $28,000. SOA Wealth Advisors LLC. bought a new stake in shares of Echostar in the 1st quarter worth approximately $34,000. NewEdge Advisors LLC grew its stake in shares of Echostar by 134.8% in the 1st quarter. NewEdge Advisors LLC now owns 324 shares of the company’s stock worth $38,000 after buying an additional 186 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of Echostar in the 1st quarter worth approximately $39,000. Finally, Pittenger & Anderson Inc. purchased a new stake in shares of Echostar in the 2nd quarter worth approximately $38,000. Institutional investors own 33.62% of the company’s stock.

Echostar Trading Down 4.0%

NASDAQ:ECHO opened at $87.86 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 5.12 and a current ratio of 5.20. The firm’s 50 day moving average price is $90.89. Echostar CORP has a 52 week low of $65.76 and a 52 week high of $147.25.

Echostar (NASDAQ:ECHO – Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $24.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $24.14. The company had revenue of $3.58 billion during the quarter, compared to analyst estimates of $3.59 billion. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period in the previous year, the business earned ($1.06) EPS. Sell-side analysts expect that Echostar CORP will post -1.35 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Citigroup dropped their target price on Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Echostar in a report on Friday, October 2nd. Raymond James Financial raised Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price target for the company in a research report on Friday, July 17th. Morgan Stanley reiterated an “overweight” rating and issued a $134.00 price target on shares of Echostar in a research note on Monday, September 14th. Finally, TD Cowen dropped their price target 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. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $137.88.

View Our Latest Stock Report on ECHO

Insider Buying and Selling at Echostar

In related news, Director William Wade sold 2,575 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $92.65, for a total transaction of $238,573.75. Following the sale, the director directly owned 2,749 shares of the company’s stock, valued at $254,694.85. This trade represents a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Stephen J. Bye sold 8,508 shares of Echostar stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $89.83, for a total value of $764,273.64. Following the completion of the sale, the director owned 653 shares of the company’s stock, valued at $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 13,508 shares of company stock valued at $1,224,686 in the last 90 days. Company insiders own 54.60% of the company’s stock.

Echostar Company Profile

(Free Report)

EchoStar Corporation is a communications and technology company that provides connectivity services through wireless, satellite, and broadband networks. Its businesses include Boost Mobile, a wireless service provider offering mobile voice, data, and broadband services, as well as satellite communications and related connectivity solutions for consumers, businesses, and government customers.

The company also operates through Hughes, which provides satellite internet, managed network services, and other broadband solutions, particularly for customers in areas with limited access to terrestrial communications infrastructure.

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