Bluefin Capital Management LLC Acquires New Position in Echostar CORP $ECHO

Key Points

• Bluefin Capital Management acquired 30,450 EchoStar shares valued at approximately $3.1 million, making the stock its 19th-largest holding and representing 0.8% of its portfolio. Institutional investors collectively own 33.62% of EchoStar.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $132. Ratings range from Strong Buy to Sell, while TD Cowen recently cut its target to $130 from $155.
• EchoStar reported quarterly revenue of $3.67 billion but a loss of $0.51 per share, alongside a negative net margin of 38.71%. Insiders have sold 66,094 shares worth about $7.6 million over the past 90 days.

Bluefin Capital Management LLC acquired a new position in shares of Echostar CORP (NASDAQ:ECHO - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 30,450 shares of the company's stock, valued at approximately $3,091,000. Echostar comprises approximately 0.8% of Bluefin Capital Management LLC's holdings, making the stock its 19th biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in ECHO. Hollencrest Capital Management bought a new position in shares of Echostar in the 4th quarter valued at $26,000. SOA Wealth Advisors LLC. acquired a new position in Echostar in the 1st quarter worth about $34,000. NewEdge Advisors LLC increased its holdings in Echostar by 134.8% in the 1st quarter. NewEdge Advisors LLC now owns 324 shares of the company's stock worth $38,000 after purchasing an additional 186 shares in the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in Echostar in the 1st quarter valued at approximately $39,000. Finally, Pittenger & Anderson Inc. acquired a new position in shares of Echostar in the second quarter worth approximately $38,000. Institutional investors and hedge funds own 33.62% of the company's stock.

Analyst Upgrades and Downgrades

ECHO has been the subject of a number of research reports. Wall Street Zen upgraded shares of Echostar from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Weiss Ratings started coverage on Echostar in a report on Monday, July 6th. They set a "sell (d-)" rating for the company. TD Cowen lowered their target price on Echostar from $155.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Williams Trading set a $155.00 price target on Echostar in a research note on Monday, May 18th. Finally, Raymond James Financial raised Echostar from a "market perform" rating to a "strong-buy" rating and set a $115.00 price objective for the company in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Echostar presently has a consensus rating of "Moderate Buy" and a consensus target price of $132.00.

Insider Transactions at Echostar

In related news, Director Stephen J. Bye sold 8,508 shares of the business's stock in a transaction that occurred on 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 transaction, the director owned 653 shares of the company's stock, valued at approximately $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 sale, the director directly owned 324 shares in the company, valued at $29,639.52. This trade represents a 88.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 66,094 shares of company stock valued at $7,587,592. 2.00% of the stock is currently owned by corporate insiders.

Echostar Stock Performance

NASDAQ:ECHO opened at $86.84 on Friday. Echostar CORP has a 1 year low of $56.26 and a 1 year 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. The firm has a market cap of $25.23 billion, a price-to-earnings ratio of -3.48 and a beta of 1.03.

Echostar (NASDAQ:ECHO - Get Free Report) last announced its quarterly 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 company had revenue of $3.67 billion during the quarter. On average, analysts expect that Echostar CORP will post -1.35 EPS for the current 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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