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

Echostar CORP (NASDAQ:ECHO) 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 trade represents a 92.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Echostar Price Performance

Shares of Echostar stock traded down $1.17 during mid-day trading on Tuesday, hitting $87.98. 2,472,353 shares of the stock were exchanged, compared to its average volume of 7,112,359. Echostar CORP has a 12 month low of $26.52 and a 12 month high of $147.25. The stock has a market cap of $25.56 billion, a P/E ratio of -3.53 and a beta of 1.03. The company has a quick ratio of 5.12, a current ratio of 5.20 and a debt-to-equity ratio of 1.13.

Echostar (NASDAQ:ECHO) last released its earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. The business had revenue of $3.67 billion during the quarter. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. On average, equities analysts predict that Echostar CORP will post 23.53 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ECHO. Wall Street Zen raised Echostar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings initiated coverage on Echostar in a research note on Monday, July 6th. They set a “sell (d-)” rating on the stock. Citigroup cut their price target on shares of Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. Raymond James Financial upgraded 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. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $137.00 price objective on shares of Echostar in a report on Wednesday, July 15th. 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $132.00.

Institutional Trading of Echostar

Several hedge funds have recently made changes to their positions in the company. Sachem Head Capital Management LP purchased a new position in shares of Echostar during the 4th quarter valued at $568,218,000. Norges Bank purchased a new stake in Echostar in the 4th quarter worth about $182,111,000. Tema ETFs LLC raised its stake in Echostar by 83,917.0% in the 2nd quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock valued at $156,228,000 after acquiring an additional 1,537,359 shares during the period. 140 Summer Partners LP bought a new stake in Echostar in the 4th quarter valued at about $99,678,000. Finally, Atreides Management LP purchased a new stake in Echostar during the fourth quarter valued at 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.