Cambridge Investment Research Advisors Inc. Buys New Shares in Echostar CORP $ECHO

Key Points

• Cambridge Investment Research Advisors acquired 11,126 EchoStar shares worth approximately $1.13 million during the second quarter. Institutional investors collectively own 33.62% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $132, although Citigroup and TD Cowen recently lowered their targets.
• EchoStar reported a quarterly loss of $0.51 per share on $3.67 billion in revenue, while the stock opened at $91.68 and insiders—including the CEO and a director—recently sold shares.

Cambridge Investment Research Advisors Inc. acquired a new position in shares of Echostar CORP (NASDAQ:ECHO - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 11,126 shares of the company's stock, valued at approximately $1,129,000.

Several other large investors have also made changes to their positions in the company. Sachem Head Capital Management LP acquired a new position in Echostar during the fourth quarter valued at approximately $568,218,000. Norges Bank purchased a new stake in shares of Echostar during the fourth quarter worth about $182,111,000. Tema ETFs LLC raised its position in shares of Echostar by 83,917.0% in the 2nd quarter. Tema ETFs LLC now owns 1,539,191 shares of the company's stock valued at $156,228,000 after purchasing an additional 1,537,359 shares in the last quarter. 140 Summer Partners LP bought a new position in Echostar during the 4th quarter valued at $99,678,000. Finally, Atreides Management LP bought a new position in shares of Echostar during the fourth quarter worth about $97,948,000. 33.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on ECHO. Citigroup decreased their price objective on shares of Echostar from $126.00 to $117.00 and set a "buy" rating for the company in a report on Tuesday, August 4th. Weiss Ratings began coverage on Echostar in a research note on Monday, July 6th. They issued a "sell (d-)" rating on the stock. TD Cowen reduced their price target on shares of Echostar from $155.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, August 4th. Wall Street Zen upgraded shares of Echostar from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $137.00 price objective on shares of Echostar in a report on Wednesday, July 15th. One equities research 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $132.00.

Echostar Stock Down 0.9%

Shares of NASDAQ ECHO opened at $91.68 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. Echostar CORP has a 12 month low of $26.52 and a 12 month high of $147.25. The firm has a market cap of $26.63 billion, a PE ratio of -3.68 and a beta of 1.03.

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

Insider Activity at Echostar

In other news, Director Stephen J. Bye sold 8,508 shares of Echostar stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $89.83, for a total value of $764,273.64. Following the transaction, the director directly owned 653 shares of the company's stock, valued at $58,658.99. This trade represents a 92.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hamid Akhavan sold 52,586 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer owned 865,633 shares in the company, valued at $104,741,593. This represents a 5.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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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