Van ECK Associates Corp Acquires Shares of 1,369,499 Echostar CORP $ECHO

Van ECK Associates Corp acquired a new position in Echostar CORP (NASDAQ:ECHO) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,369,499 shares of the company’s stock, valued at approximately $139,004,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sachem Head Capital Management LP bought a new stake in shares of Echostar during the 4th quarter valued at about $568,218,000. Norges Bank bought a new position in Echostar in the fourth quarter worth about $182,111,000. Tema ETFs LLC lifted its holdings in 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 period. 140 Summer Partners LP purchased a new stake in Echostar in the fourth quarter worth about $99,678,000. Finally, Atreides Management LP bought a new stake in Echostar during the 4th quarter valued at approximately $97,948,000. 33.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on ECHO shares. TD Cowen reduced their target price on Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. Weiss Ratings initiated coverage on Echostar in a research note on Monday, July 6th. They issued a “sell (d-)” rating for the company. Wall Street Zen upgraded Echostar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Williams Trading set a $155.00 price objective on Echostar in a report on Monday, May 18th. Finally, New Street Research set a $165.00 price objective on Echostar in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.00.

Insider Activity at Echostar

In other Echostar news, CEO Hamid Akhavan sold 52,586 shares of Echostar stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the transaction, the chief executive officer directly owned 865,633 shares of the company’s stock, valued at approximately $104,741,593. The trade was a 5.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director William David Wade sold 2,425 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $91.48, for a total transaction of $221,839.00. Following the completion of the transaction, the director owned 324 shares in the company, valued at approximately $29,639.52. This represents a 88.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 66,094 shares of company stock valued at $7,587,592. 2.00% of the stock is owned by insiders.

Echostar Price Performance

Echostar stock opened at $86.84 on Friday. Echostar CORP has a 12 month low of $56.26 and a 12 month high of $147.25. The firm has a market capitalization of $25.23 billion, a price-to-earnings ratio of -3.48 and a beta of 1.03. The company has a debt-to-equity ratio of 1.13, a quick ratio of 5.12 and a current ratio of 5.20.

Echostar (NASDAQ:ECHO) last issued its quarterly earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share for the quarter. The company 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 predict that Echostar CORP will post -1.35 earnings per share for the current year.

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.