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

Strategy Asset Managers LLC purchased a new position in Echostar CORP (NASDAQ:ECHO – Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,818 shares of the company’s stock, valued at approximately $788,000.

Several other hedge funds have also added to or reduced their stakes in the business. Atreides Management LP grew its holdings in Echostar by 11.0% in the 1st quarter. Atreides Management LP now owns 1,000,346 shares of the company’s stock worth $117,111,000 after acquiring an additional 99,262 shares during the last quarter. OP Asset Management Ltd purchased a new position in shares of Echostar in the first quarter valued at about $1,637,000. Resolute Advisors LLC purchased a new position in shares of Echostar in the second quarter valued at about $3,774,000. 140 Summer Partners LP bought a new position in shares of Echostar during the fourth quarter valued at about $99,678,000. Finally, Hsbc Holdings PLC raised its stake in shares of Echostar by 301.9% during the fourth quarter. Hsbc Holdings PLC now owns 79,182 shares of the company’s stock valued at $8,654,000 after acquiring an additional 59,482 shares during the last quarter. 33.62% of the stock is owned by institutional investors.

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Insider Activity at Echostar

In related news, Director William Wade sold 2,575 shares of Echostar stock in a transaction that occurred 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 in the company, valued at $254,694.85. The trade was a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen J. Bye sold 8,508 shares of the company’s stock in a transaction on 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 directly owned 653 shares in the company, valued at approximately $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,508 shares of company stock valued at $1,224,686 in the last three months. Corporate insiders own 54.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on ECHO shares. Citigroup cut their target price on Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. UBS Group raised Echostar from a “neutral” rating to a “buy” rating and upped their price target for the company from $127.00 to $150.00 in a research report on Tuesday, September 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Echostar in a research report on Friday, October 2nd. Raymond James Financial upgraded Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective for the company in a report on Friday, July 17th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $134.00 price objective on shares of Echostar in a report on Monday, September 14th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Echostar presently has an average rating of “Moderate Buy” and an average price target of $137.88.

Check Out Our Latest Research Report on ECHO

Echostar Trading Down 4.0%

Shares of NASDAQ ECHO opened at $87.86 on Thursday. Echostar CORP has a 1 year low of $65.76 and a 1 year high of $147.25. The company’s 50-day moving average is $90.89. The company has a debt-to-equity ratio of 1.13, a quick ratio of 5.12 and a current ratio of 5.20.

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

About Echostar

(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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