Nissay Asset Management Corp Japan Invests $1.79 Million in Echostar CORP $ECHO

Nissay Asset Management Corp Japan acquired a new stake in shares of Echostar CORP (NASDAQ:ECHO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,661 shares of the company’s stock, valued at approximately $1,793,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sachem Head Capital Management LP purchased a new stake in Echostar during the 4th quarter worth approximately $568,218,000. Norges Bank purchased a new position in shares of Echostar in the fourth quarter worth $182,111,000. Tema ETFs LLC raised its holdings in shares of Echostar by 83,917.0% in the second quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock worth $156,228,000 after buying an additional 1,537,359 shares during the last quarter. 140 Summer Partners LP acquired a new stake in shares of Echostar during the fourth quarter worth $99,678,000. Finally, Atreides Management LP purchased a new stake in shares of Echostar during the fourth quarter valued at $97,948,000. 33.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ECHO has been the topic of several research reports. New Street Research set a $165.00 target price on Echostar in a research report on Monday, June 15th. Citigroup dropped their price target on Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. TD Cowen cut their price objective on Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $137.00 price objective on shares of Echostar in a research note on Wednesday, July 15th. Finally, Raymond James Financial raised Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 target price for the company in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Echostar currently has an average rating of “Moderate Buy” and a consensus target price of $132.00.

Insider Activity

In other news, Director William David Wade sold 2,575 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $92.65, for a total value of $238,573.75. Following the completion of the transaction, the director owned 2,749 shares of the company’s stock, valued at $254,694.85. The trade was a 48.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stephen J. Bye sold 8,508 shares of the company’s stock in a transaction dated 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 owned 653 shares in the company, valued at $58,658.99. The trade was a 92.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 66,094 shares of company stock valued at $7,587,592 in the last quarter. 55.70% of the stock is currently owned by company insiders.

Echostar Price Performance

NASDAQ:ECHO opened at $86.04 on Wednesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. The business has a fifty day simple moving average of $89.81. Echostar CORP has a 1-year low of $60.35 and a 1-year high of $147.25. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of -3.45 and a beta of 1.00.

Echostar (NASDAQ:ECHO) last posted its earnings results 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 business had revenue of $3.67 billion for the quarter. Equities analysts anticipate that Echostar CORP will post -1.35 EPS for the current fiscal year.

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.