AXQ Capital LP Takes $5.94 Million Position in Echostar CORP $ECHO

Key Points

• AXQ Capital LP acquired 58,494 EchoStar shares worth approximately $5.94 million in the second quarter, making the stock 0.6% of its portfolio and its ninth-largest holding.
• EchoStar shares were recently trading at $89.79, while analysts assigned the stock a “Moderate Buy” consensus rating and an average price target of $132.00.
• The company reported a quarterly loss of $0.51 per share on $3.67 billion in revenue, and insiders sold 13,508 shares worth roughly $1.22 million during the last quarter.

AXQ Capital LP acquired a new stake in Echostar CORP (NASDAQ:ECHO - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 58,494 shares of the company's stock, valued at approximately $5,937,000. Echostar comprises 0.6% of AXQ Capital LP's holdings, making the stock its 9th biggest position.

Other hedge funds have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in Echostar during the 4th quarter worth approximately $26,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Echostar during the first quarter worth $34,000. NewEdge Advisors LLC increased its position in shares of Echostar by 134.8% during the first quarter. NewEdge Advisors LLC now owns 324 shares of the company's stock worth $38,000 after buying an additional 186 shares during the period. JTC Employer Solutions Trustee Ltd bought a new position in Echostar during the first quarter worth $39,000. Finally, Pittenger & Anderson Inc. bought a new position in Echostar during the second quarter worth $38,000. 33.62% of the stock is currently owned by institutional investors and hedge funds.

Echostar Stock Up 3.6%

NASDAQ ECHO opened at $89.79 on Friday. 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 CORP has a 52 week low of $63.39 and a 52 week high of $147.25. The firm's 50 day moving average price is $89.74. The company has a market capitalization of $26.08 billion, a P/E ratio of -3.60 and a beta of 1.00.

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on ECHO. Williams Trading set a $155.00 target price on Echostar in a research report on Monday, May 18th. Citigroup lowered their target price on Echostar from $126.00 to $117.00 and set a "buy" rating for the company in a report on Tuesday, August 4th. Wall Street Zen raised Echostar from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Raymond James Financial upgraded Echostar from a "market perform" rating to a "strong-buy" rating and set a $115.00 price target on the stock in a report on Friday, July 17th. Finally, Weiss Ratings started coverage on shares of Echostar in a research report on Monday, July 6th. They set a "sell (d-)" rating for the company. One 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $132.00.

Insider Buying and Selling at Echostar

In other news, Director William Wade sold 2,425 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $91.48, for a total value of $221,839.00. Following the completion of the sale, the director owned 324 shares in the company, valued at $29,639.52. This represents a 88.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen Bye sold 8,508 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $89.83, for a total value of $764,273.64. Following the completion of the transaction, the director owned 653 shares in the company, 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 quarter, insiders sold 13,508 shares of company stock valued at $1,224,686. Company insiders own 2.00% of the company's stock.

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.

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