Echostar CORP $ECHO Stock Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. cut its stake in shares of Echostar CORP (NASDAQ:ECHO) by 90.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,622 shares of the company’s stock after selling 23,715 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Echostar were worth $234,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Tidal Investments LLC purchased a new position in shares of Echostar in the 2nd quarter worth about $159,344,000. Tema ETFs LLC grew its position in 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 purchasing an additional 1,537,359 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Echostar during the 2nd quarter valued at about $139,004,000. Hennessy Advisors Inc. purchased a new stake in Echostar during the 2nd quarter valued at about $48,405,000. Finally, Amundi bought a new stake in Echostar during the 2nd quarter valued at about $41,808,000. 33.62% of the stock is currently owned by institutional investors.

Echostar Price Performance

Shares of NASDAQ:ECHO opened at $94.62 on Friday. The company has a market capitalization of $27.49 billion, a P/E ratio of 3.45 and a beta of 1.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 5.12 and a current ratio of 10.16. Echostar CORP has a 1 year low of $65.76 and a 1 year high of $147.25. The firm’s fifty day simple moving average is $92.00.

Echostar (NASDAQ:ECHO) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $7.97 EPS for the quarter, topping the consensus estimate of $3.07 by $4.90. Echostar had a return on equity of 22.85% and a net margin of 81.29%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $3.00 million. On average, sell-side analysts anticipate that Echostar CORP will post -0.13 earnings per share for the current year.

Insider Transactions at Echostar

In other Echostar news, Director William Wade sold 2,575 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total transaction of $238,573.75. Following the transaction, the director owned 2,749 shares in the company, valued at approximately $254,694.85. This represents a 48.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ECHO. Zacks Research raised shares of Echostar from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. Morgan Stanley cut their price target on shares of Echostar from $134.00 to $132.00 and set an “overweight” rating on the stock in a report on Wednesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Echostar in a report on Friday, October 2nd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $137.00 price target on shares of Echostar in a research report on Wednesday, July 15th. Finally, Raymond James Financial raised shares of Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price target for the company in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $139.44.

Echostar Company Profile

EchoStar Corporation is a communications and connectivity company whose businesses span satellite broadband, enterprise and government communications, pay-TV and wireless services. Its offerings include satellite-based internet and network solutions through Hughes Network Systems, along with consumer and business connectivity services.

The company also provides video entertainment through DISH TV and Sling TV, and wireless services under the Boost Mobile brand. EchoStar serves customers in the United States and, through its satellite and communications operations, in international markets.

Founded by Charlie Ergen in 1980, EchoStar initially focused on satellite technology and services.