Asset Management One Co. Ltd. Takes Position in Echostar CORP $ECHO

Key Points

• Asset Management One acquired 61,062 EchoStar shares worth approximately $6.2 million in the second quarter. Institutional investors collectively own 33.62% of the company, with several other major funds also establishing or expanding positions.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $132.00, despite some target-price reductions. EchoStar shares opened at $91.68, down 0.9%.
• EchoStar reported a quarterly loss of $0.51 per share on $3.67 billion in revenue, while analysts expect a full-year loss of $1.35 per share. Company insiders own 2.00% of the stock, and the CEO and a director recently sold shares.

Asset Management One Co. Ltd. purchased a new stake in Echostar CORP (NASDAQ:ECHO - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 61,062 shares of the company's stock, valued at approximately $6,198,000.

Several other large investors also recently made changes to their positions in ECHO. Sachem Head Capital Management LP bought a new position in Echostar during the 4th quarter worth about $568,218,000. Norges Bank bought a new stake in shares of Echostar in the fourth quarter valued at about $182,111,000. Tema ETFs LLC boosted its position in shares of Echostar by 83,917.0% during 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 acquired a new position in shares of Echostar during the fourth quarter worth about $99,678,000. Finally, Atreides Management LP acquired a new position in shares of Echostar during the fourth quarter worth about $97,948,000. Institutional investors own 33.62% of the company's stock.

Insider Transactions at Echostar

In other news, CEO Hamid Akhavan sold 52,586 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the transaction, the chief executive officer directly owned 865,633 shares in the company, valued at $104,741,593. The trade was a 5.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen J. Bye sold 8,508 shares of the company's 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 directly owned 653 shares in the company, valued at approximately $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $137.00 target price on shares of Echostar in a research report on Wednesday, July 15th. Williams Trading set a $155.00 price target on Echostar in a research report on Monday, May 18th. New Street Research set a $165.00 price target on shares of Echostar in a research note on Monday, June 15th. TD Cowen cut their price objective on shares of Echostar from $155.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, August 4th. Finally, Raymond James Financial raised shares of Echostar from a "market perform" rating to a "strong-buy" rating and set a $115.00 target price for the company in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $132.00.

Echostar Stock Down 0.9%

NASDAQ:ECHO opened at $91.68 on Friday. The company has a market cap of $26.63 billion, a price-to-earnings ratio of -3.68 and a beta of 1.03. Echostar CORP has a twelve month low of $26.52 and a twelve month high of $147.25. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13.

Echostar (NASDAQ:ECHO - Get Free Report) last released its quarterly earnings data on Saturday, May 9th. The company reported ($0.51) EPS for the quarter. The company 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%. Sell-side analysts anticipate that Echostar CORP will post -1.35 EPS for the current fiscal year.

Echostar Company 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.

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