Stephen Bye Sells 8,508 Shares of Echostar (NASDAQ:ECHO) Stock

Echostar CORP (NASDAQ:ECHO) Director Stephen Bye sold 8,508 shares of Echostar 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 transaction, the director directly owned 653 shares in the company, valued at $58,658.99. This trade represents a 92.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Echostar Stock Performance

Shares of Echostar stock opened at $92.50 on Thursday. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13. Echostar CORP has a 52-week low of $26.52 and a 52-week high of $147.25. The company has a market capitalization of $26.87 billion, a PE ratio of -3.71 and a beta of 1.03.

Echostar (NASDAQ:ECHO) last announced its quarterly earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share for the quarter. The firm had revenue of $3.67 billion for the quarter. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. Sell-side analysts anticipate that Echostar CORP will post -1.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ECHO. New Street Research set a $165.00 price target on Echostar in a report on Monday, June 15th. Wall Street Zen upgraded shares of Echostar from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. 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 report on Tuesday, August 4th. Williams Trading set a $155.00 price objective on shares of Echostar in a report on Monday, May 18th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $137.00 target price on shares of Echostar in a research report on Wednesday, July 15th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.00.

Institutional Investors Weigh In On Echostar

Several hedge funds have recently made changes to their positions in ECHO. Sachem Head Capital Management LP bought a new position in Echostar in the fourth quarter worth $568,218,000. Norges Bank bought a new stake in shares of Echostar during the 4th quarter valued at $182,111,000. Tema ETFs LLC boosted its holdings in shares of Echostar by 83,917.0% during 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 in the last quarter. 140 Summer Partners LP purchased a new stake in shares of Echostar in the 4th quarter worth about $99,678,000. Finally, Atreides Management LP bought a new position in shares of Echostar in the 4th quarter worth about $97,948,000. 33.62% of the stock is currently owned by institutional investors.

About Echostar

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.