Darsana Capital Partners LP Trims Stock Holdings in Echostar CORP $ECHO

Darsana Capital Partners LP cut its position in shares of Echostar CORP (NASDAQ:ECHO) by 28.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,000,000 shares of the company’s stock after selling 2,000,000 shares during the quarter. Echostar comprises about 2.3% of Darsana Capital Partners LP’s holdings, making the stock its 3rd largest position. Darsana Capital Partners LP’s holdings in Echostar were worth $507,500,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Hollencrest Capital Management acquired a new position in Echostar in the fourth quarter valued at $26,000. Strive Financial Group LLC acquired a new stake in Echostar during the 2nd quarter worth about $28,000. SOA Wealth Advisors LLC. bought a new position in shares of Echostar in the 1st quarter worth about $34,000. NewEdge Advisors LLC raised its position in shares of Echostar by 134.8% in the 1st quarter. NewEdge Advisors LLC now owns 324 shares of the company’s stock worth $38,000 after acquiring an additional 186 shares in the last quarter. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in shares of Echostar in the 1st quarter valued at about $39,000. Institutional investors own 33.62% of the company’s stock.

Echostar Stock Down 2.2%

Shares of NASDAQ:ECHO opened at $91.32 on Thursday. The firm’s 50 day moving average is $89.85. Echostar CORP has a 12-month low of $65.76 and a 12-month high of $147.25. The stock has a market capitalization of $26.53 billion, a PE ratio of -3.66 and a beta of 1.00. 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) last released its quarterly earnings results on Saturday, May 9th. The company reported ($0.51) 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 during the quarter. As a group, equities research analysts expect that Echostar CORP will post -1.35 earnings per share for the current year.

Wall Street Analyst Weigh In

ECHO has been the topic of several research analyst reports. Wall Street Zen upgraded Echostar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $137.00 price target on shares of Echostar in a research note on Wednesday, July 15th. UBS Group upgraded Echostar from a “neutral” rating to a “buy” rating and increased their price target for the stock from $127.00 to $150.00 in a report on Tuesday. Citigroup reduced their price objective on shares of Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday, August 4th. Finally, Weiss Ratings began coverage on shares of Echostar in a research note on Monday, July 6th. They issued a “sell (d-)” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $134.88.

Insider Buying and Selling at Echostar

In other news, Director William Wade sold 2,425 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $91.48, for a total value of $221,839.00. Following the completion of the sale, the director owned 324 shares in the company, valued at $29,639.52. This represents a 88.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen Bye sold 8,508 shares of the stock in a transaction dated 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 owned 653 shares of the company’s stock, valued at approximately $58,658.99. This represents a 92.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 13,508 shares of company stock valued at $1,224,686. Company insiders own 2.00% of the company’s stock.

Echostar Company Profile

EchoStar Corporation is a global communications and technology company that provides satellite, broadband, and wireless connectivity services. Its operations include satellite communications, broadband internet, enterprise networking, and related technology solutions for consumers, businesses, and government customers.

Through its Hughes business, EchoStar provides satellite-based broadband services under the HughesNet brand, as well as managed network services, equipment, and connectivity solutions for residential and commercial users.