Tema ETFs LLC raised its holdings in shares of Echostar CORP (NASDAQ:ECHO – Free Report) by 83,917.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,539,191 shares of the company’s stock after purchasing an additional 1,537,359 shares during the quarter. Echostar accounts for 5.1% of Tema ETFs LLC’s portfolio, making the stock its 2nd largest position. Tema ETFs LLC’s holdings in Echostar were worth $156,228,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management purchased a new position in shares of Echostar during the 4th quarter valued at approximately $26,000. SOA Wealth Advisors LLC. bought a new stake in shares of Echostar in the first quarter worth $34,000. NewEdge Advisors LLC increased its stake in shares of Echostar by 134.8% in the first 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. Caitong International Asset Management Co. Ltd bought a new stake in shares of Echostar in the third quarter worth $38,000. Finally, JTC Employer Solutions Trustee Ltd acquired a new stake in Echostar in the first quarter valued at $39,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the stock. TD Cowen reduced their price objective 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. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $137.00 target price on shares of Echostar in a research note on Wednesday, July 15th. Wall Street Zen raised shares of Echostar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Raymond James Financial upgraded Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price target for the company in a research note on Friday, July 17th. Finally, Citigroup lowered their price objective on Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. One 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $132.00.
Echostar Stock Down 1.3%
Shares of NASDAQ:ECHO opened at $87.98 on Wednesday. The company has a quick ratio of 5.12, a current ratio of 5.20 and a debt-to-equity ratio of 1.13. Echostar CORP has a fifty-two week low of $26.52 and a fifty-two week high of $147.25. The stock has a market cap of $25.56 billion, a P/E ratio of -3.53 and a beta of 1.03.
Echostar (NASDAQ:ECHO – Get Free Report) last issued its earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%.The business had revenue of $3.67 billion during the quarter. As a group, analysts expect that Echostar CORP will post -1.35 EPS for the current fiscal year.
Insider Buying and Selling
In other news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the sale, the chief executive officer directly owned 865,633 shares in the company, valued at approximately $104,741,593. This represents a 5.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen J. Bye sold 8,508 shares of the firm’s stock in a transaction that occurred 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. This trade represents a 92.87% decrease in their position. The disclosure for this sale is available in the SEC filing. 55.70% of the stock is currently owned by corporate insiders.
Echostar Profile
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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