37,261 Shares in Echostar CORP $ECHO Purchased by Arizona State Retirement System

Key Points

• Arizona State Retirement System purchased 37,261 EchoStar shares during the second quarter, valued at approximately $3.8 million. Several other institutional investors also initiated positions, with institutions collectively owning 33.62% of the stock.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $134.88, although individual targets range from $117 to $150.
• EchoStar reported a quarterly loss of $0.51 per share on $3.67 billion in revenue, while the stock opened at $93.14 and remains well below its 12-month high of $147.25. Insiders have also sold 13,508 shares worth about $1.2 million over the past 90 days.

Arizona State Retirement System bought a new stake in Echostar CORP (NASDAQ:ECHO - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 37,261 shares of the company's stock, valued at approximately $3,782,000.

Several other institutional investors have also recently made changes to their positions in ECHO. Varde Management L.P. purchased a new stake in shares of Echostar in the second quarter worth about $16,179,000. Nykredit A S acquired a new stake in shares of Echostar during the 2nd quarter worth approximately $4,295,000. Parkside Financial Bank & Trust purchased a new position in shares of Echostar during the 2nd quarter valued at approximately $72,000. Corient Private Wealth LP acquired a new position in shares of Echostar in the 2nd quarter valued at $908,000. Finally, Amundi acquired a new position in shares of Echostar in the 2nd quarter valued at $41,808,000. Hedge funds and other institutional investors own 33.62% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of Echostar from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. TD Cowen dropped their target price on Echostar from $155.00 to $130.00 and set a "buy" rating on the stock in a research 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. UBS Group raised Echostar from a "neutral" rating to a "buy" rating and upped their price target for the stock from $127.00 to $150.00 in a report on Tuesday. Finally, Citigroup lowered their price target on Echostar from $126.00 to $117.00 and set a "buy" rating on the stock in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Echostar has an average rating of "Moderate Buy" and a consensus target price of $134.88.

Echostar Trading Up 1.4%

ECHO stock opened at $93.14 on Friday. Echostar CORP has a 12-month low of $65.76 and a 12-month high of $147.25. The business has a 50-day moving average price of $89.96. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13. The firm has a market cap of $27.06 billion, a PE ratio of -3.74 and a beta of 1.00.

Echostar (NASDAQ:ECHO - Get Free Report) last released its earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share for the quarter. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. The firm had revenue of $3.67 billion during the quarter. As a group, equities analysts forecast that Echostar CORP will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling at Echostar

In other Echostar news, Director William Wade sold 2,425 shares of Echostar stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $91.48, for a total transaction of $221,839.00. Following the sale, the director owned 324 shares of the company's stock, valued at $29,639.52. The trade was a 88.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen Bye sold 8,508 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the sale, the director directly owned 653 shares of the company's stock, 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. In the last ninety days, insiders have sold 13,508 shares of company stock worth $1,224,686. 2.00% of the stock is currently owned by corporate insiders.

Echostar Company Profile

EchoStar Corporation is a global communications and technology company that provides satellite, broadband, and wireless connectivity services. Its operations include satellite communications, broadband internet, enterprise networking, and related technology solutions for consumers, businesses, and government customers.

Through its Hughes business, EchoStar provides satellite-based broadband services under the HughesNet brand, as well as managed network services, equipment, and connectivity solutions for residential and commercial users.

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