Levin Capital Strategies L.P. purchased a new position in Echostar CORP (NASDAQ:ECHO – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,995 shares of the company’s stock, valued at approximately $913,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sachem Head Capital Management LP acquired a new stake in Echostar during the fourth quarter valued at approximately $568,218,000. Norges Bank acquired a new position in shares of Echostar in the 4th quarter worth approximately $182,111,000. Tema ETFs LLC lifted its position in shares of Echostar by 83,917.0% during the 2nd quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock worth $156,228,000 after buying an additional 1,537,359 shares during the period. 140 Summer Partners LP bought a new position in shares of Echostar during the 4th quarter worth approximately $99,678,000. Finally, Atreides Management LP acquired a new stake in Echostar in the 4th quarter valued at $97,948,000. Institutional investors own 33.62% of the company’s stock.
Insider Buying and Selling at Echostar
In other Echostar news, Director Stephen J. Bye sold 8,508 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were 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 in the company, valued at approximately $58,658.99. This trade represents a 92.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William David Wade sold 2,425 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $91.48, for a total transaction of $221,839.00. Following the completion of the transaction, the director directly owned 324 shares of the company’s stock, valued at approximately $29,639.52. This represents a 88.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 66,094 shares of company stock worth $7,587,592. 2.00% of the stock is currently owned by corporate insiders.
Echostar Stock Performance
Echostar (NASDAQ:ECHO – Get Free Report) last released its quarterly earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. The business 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%. As a group, research analysts forecast that Echostar CORP will post -1.35 earnings per share for the current year.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the company. Weiss Ratings initiated coverage on Echostar in a research note on Monday, July 6th. They set a “sell (d-)” rating for the company. Raymond James Financial upgraded shares of Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 target price on the stock in a research note on Friday, July 17th. Citigroup lowered their target price on shares of Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. TD Cowen dropped their target price 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. Finally, Williams Trading set a $155.00 price target on shares of Echostar in a report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.00.
Read Our Latest Research Report on ECHO
About Echostar
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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