Daiwa Securities Group Inc. Makes New $2.71 Million Investment in Echostar CORP $ECHO

Key Points

• Daiwa Securities Group acquired 26,688 EchoStar shares worth approximately $2.71 million in the second quarter, while institutional investors and hedge funds collectively own 33.62% of the company.
• EchoStar insiders sold 66,094 shares valued at roughly $7.59 million over the past 90 days, including substantial sales by CEO Hamid Akhavan and director Stephen J. Bye.
• The stock opened at $91.89, compared with an analyst consensus rating of “Moderate Buy” and an average price target of $132; however, the company remains unprofitable, reporting a quarterly loss of $0.51 per share.

Daiwa Securities Group Inc. 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 Securities and Exchange Commission (SEC). The fund acquired 26,688 shares of the company's stock, valued at approximately $2,709,000.

Several other large investors have also modified their holdings of the company. Sachem Head Capital Management LP purchased a new stake in Echostar in the 4th quarter valued at $568,218,000. Geode Capital Management LLC raised its holdings in shares of Echostar by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,524,576 shares of the company's stock valued at $382,595,000 after buying an additional 48,671 shares during the last quarter. Contrarius Group Holdings Ltd boosted its stake in shares of Echostar by 68.6% during the fourth quarter. Contrarius Group Holdings Ltd now owns 2,181,728 shares of the company's stock worth $237,154,000 after buying an additional 887,611 shares during the period. Northern Trust Corp boosted its stake in shares of Echostar by 1.3% during the fourth quarter. Northern Trust Corp now owns 1,767,338 shares of the company's stock worth $192,110,000 after buying an additional 22,900 shares during the period. Finally, Norges Bank purchased a new position in shares of Echostar during the fourth quarter worth about $182,111,000. 33.62% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Echostar

In other Echostar news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the transaction, the chief executive officer directly owned 865,633 shares of the company's stock, valued at approximately $104,741,593. This trade represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen J. 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 sale, the director directly owned 653 shares in the company, valued at $58,658.99. This trade represents a 92.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 66,094 shares of company stock valued at $7,587,592 in the last ninety days. 2.00% of the stock is currently owned by company insiders.

Echostar Stock Performance

Echostar stock opened at $91.89 on Friday. Echostar CORP has a 1-year low of $26.52 and a 1-year high of $147.25. The company has a market capitalization of $26.69 billion, a P/E ratio of -3.69 and a beta of 1.03. 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) 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 business had revenue of $3.67 billion during the quarter. As a group, sell-side analysts forecast that Echostar CORP will post -1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ECHO shares. Wall Street Zen upgraded Echostar from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $137.00 target price on shares of Echostar in a report on Wednesday, July 15th. Weiss Ratings assumed coverage on Echostar in a research note on Monday, July 6th. They set a "sell (d-)" rating for the company. Williams Trading set a $155.00 price target on Echostar in a report on Monday, May 18th. Finally, TD Cowen lowered 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. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Echostar presently has an average rating of "Moderate Buy" and an average price target of $132.00.

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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