Echostar (NASDAQ:ECHO) Director Sells $764,273.64 in Stock

Echostar CORP (NASDAQ:ECHO) Director Stephen Bye sold 8,508 shares of Echostar stock in a transaction on Friday, August 7th. The shares were sold at an average price of $89.83, for a total transaction of $764,273.64. Following the completion of the sale, the director directly owned 653 shares in the company, valued at $58,658.99. This represents a 92.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Echostar Price Performance

Shares of NASDAQ ECHO opened at $91.68 on Friday. The company has a quick ratio of 5.12, a current ratio of 5.20 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $26.63 billion, a P/E ratio of -3.68 and a beta of 1.03. Echostar CORP has a one year low of $26.52 and a one year high of $147.25.

Echostar (NASDAQ:ECHO) last posted its quarterly earnings data on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. The company had revenue of $3.67 billion for the quarter. As a group, equities research analysts forecast that Echostar CORP will post -1.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ECHO shares. Citigroup cut their price objective on Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a research note on Tuesday, August 4th. TD Cowen lowered their price target on Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Williams Trading set a $155.00 price target on Echostar in a research report on Monday, May 18th. Weiss Ratings began coverage on Echostar in a research note on Monday, July 6th. They issued a “sell (d-)” rating for the company. Finally, Wall Street Zen upgraded Echostar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $132.00.

Hedge Funds Weigh In On Echostar

A number of institutional investors have recently added to or reduced their stakes in the stock. Sachem Head Capital Management LP acquired a new position in shares of Echostar in the 4th quarter valued at $568,218,000. Norges Bank acquired a new stake in shares of Echostar during the 4th quarter worth about $182,111,000. Tema ETFs LLC raised its holdings in Echostar by 83,917.0% in the 2nd quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock valued at $156,228,000 after buying an additional 1,537,359 shares during the period. 140 Summer Partners LP purchased a new stake in Echostar in the 4th quarter valued at about $99,678,000. Finally, Atreides Management LP acquired a new position in Echostar in the fourth quarter valued at about $97,948,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Echostar Company 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.