Echostar (NASDAQ:ECHO) Shares Climb 7.8% – Here’s What Happened

Shares of Echostar CORP (NASDAQ:ECHO) rose 7.8% during mid-day trading on Wednesday. The company traded as high as $92.40 and last traded at $93.0880. 850,160 shares traded hands during trading, a decline of 86% from the average daily volume of 6,168,351 shares. The stock had previously closed at $86.39.

Analyst Upgrades and Downgrades

ECHO has been the subject of several recent research reports. UBS Group raised Echostar from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $127.00 to $150.00 in a research report on Tuesday, September 8th. 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. Morgan Stanley reaffirmed an “overweight” rating and set a $134.00 price target on shares of Echostar in a research note on Monday, September 14th. JPMorgan Chase & Co. initiated coverage on shares of Echostar in a report on Friday, October 16th. They issued an “overweight” rating and a $144.00 price objective on the stock. Finally, Zacks Research raised shares of Echostar from a “hold” rating to a “strong-buy” rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $138.56.

Echostar Stock Performance

The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13. The firm’s fifty day moving average price is $90.71. The company has a market cap of $27.23 billion, a P/E ratio of -3.76 and a beta of 0.99.

Echostar (NASDAQ:ECHO) last issued its earnings results on Monday, August 3rd. The company reported $24.12 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the company earned ($1.06) earnings per share. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. Research analysts anticipate that Echostar CORP will post -0.35 EPS for the current year.

Insider Activity at Echostar

In related news, Director William Wade sold 2,425 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $91.48, for a total value of $221,839.00. Following the sale, the director owned 324 shares in the company, valued at approximately $29,639.52. This represents a 88.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen J. Bye sold 8,508 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $89.83, for a total value of $764,273.64. Following the sale, the director directly owned 653 shares of the company’s stock, valued at $58,658.99. This represents a 92.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,508 shares of company stock worth $1,224,686 in the last 90 days. Corporate insiders own 54.60% of the company’s stock.

Hedge Funds Weigh In On Echostar

Several institutional investors and hedge funds have recently modified their holdings of ECHO. Lancaster Investment Management lifted its stake in shares of Echostar by 18.5% during the 3rd quarter. Lancaster Investment Management now owns 465,592 shares of the company’s stock worth $41,629,000 after buying an additional 72,583 shares during the last quarter. Activest Wealth Management bought a new position in Echostar in the 3rd quarter valued at about $77,000. V Square Quantitative Management LLC lifted its position in Echostar by 67.6% during the third quarter. V Square Quantitative Management LLC now owns 4,038 shares of the company’s stock worth $361,000 after acquiring an additional 1,628 shares during the last quarter. Mather Group LLC. lifted its position in Echostar by 369.1% during the third quarter. Mather Group LLC. now owns 455 shares of the company’s stock worth $41,000 after acquiring an additional 358 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new stake in shares of Echostar during the third quarter worth approximately $25,000. 33.62% of the stock is currently owned by institutional investors and hedge funds.

About Echostar

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.