Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Echostar CORP (NASDAQ:ECHO – Free Report) by 21.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 258,559 shares of the company’s stock after selling 69,447 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Echostar were worth $23,118,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of ECHO. Tidal Investments LLC bought a new position in shares of Echostar in the 2nd quarter worth about $159,344,000. Tema ETFs LLC boosted its stake in Echostar by 83,917.0% during the second quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock worth $156,228,000 after acquiring an additional 1,537,359 shares in the last quarter. Van ECK Associates Corp purchased a new stake in Echostar in the second quarter worth about $139,004,000. Bank of America Corp DE grew its holdings in Echostar by 42.4% in the first quarter. Bank of America Corp DE now owns 1,069,301 shares of the company’s stock worth $125,183,000 after purchasing an additional 318,248 shares during the period. Finally, Atreides Management LP increased its stake in shares of Echostar by 11.0% during the first quarter. Atreides Management LP now owns 1,000,346 shares of the company’s stock valued at $117,111,000 after purchasing an additional 99,262 shares in the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. initiated coverage on shares of Echostar in a report on Friday, October 16th. They set an “overweight” rating and a $144.00 target price for the company. UBS Group upped their price target on Echostar from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup cut their price target on Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Raymond James Financial raised Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective for the company in a research report on Friday, July 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Echostar in a research note on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $139.44.
Read Our Latest Stock Report on Echostar
Insider Activity at Echostar
In other news, Director William Wade sold 2,425 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $91.48, for a total transaction of $221,839.00. Following the sale, the director owned 324 shares in the company, valued at $29,639.52. This represents a 88.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 54.60% of the stock is currently owned by insiders.
Echostar Stock Performance
Shares of ECHO stock opened at $89.92 on Friday. Echostar CORP has a one year low of $65.76 and a one year high of $147.25. The company’s 50-day moving average price is $91.84. The stock has a market cap of $26.12 billion, a P/E ratio of -3.61 and a beta of 1.06. The company has a quick ratio of 5.12, a current ratio of 10.16 and a debt-to-equity ratio of 0.57.
Echostar (NASDAQ:ECHO – Get Free Report) last issued its earnings results on Tuesday, November 3rd. The company reported $7.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.07 by $4.90. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $3.00 million. Echostar had a net margin of 81.29% and a return on equity of 22.85%. As a group, research analysts predict that Echostar CORP will post -0.27 earnings per share for the current fiscal year.
Echostar Company Profile
EchoStar Corporation is a global provider of satellite communications, broadband connectivity and wireless services. The company operates through businesses that serve consumers, enterprises, governments and other organizations with connectivity solutions delivered through satellite, wireless and terrestrial networks.
EchoStar’s portfolio includes Hughes, which provides satellite and managed broadband services, as well as satellite television and wireless communications businesses associated with the DISH Network combination completed in 2024.
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