Darsana Capital Partners LP Sells 2,000,000 Shares of Echostar CORP $ECHO

Key Points

• Darsana Capital Partners cut its EchoStar stake by 28.6%, selling 2 million shares and retaining 5 million shares worth approximately $507.5 million at quarter-end.
• EchoStar insiders sold 13,508 shares worth about $1.22 million over the past 90 days, while institutional investors and hedge funds collectively own 33.62% of the stock.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $134.88, compared with EchoStar’s opening price of $91.32.

Darsana Capital Partners LP trimmed its position in Echostar CORP (NASDAQ:ECHO - Free Report) by 28.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,000,000 shares of the company's stock after selling 2,000,000 shares during the quarter. Echostar accounts for 2.3% of Darsana Capital Partners LP's holdings, making the stock its 3rd largest holding. Darsana Capital Partners LP owned 1.72% of Echostar worth $507,500,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in shares of Echostar in the 4th quarter valued at $26,000. Strive Financial Group LLC acquired a new position in shares of Echostar during the 2nd quarter worth $28,000. SOA Wealth Advisors LLC. acquired a new position in shares of Echostar during the 1st quarter worth $34,000. Pittenger & Anderson Inc. bought a new stake in shares of Echostar during the 2nd quarter worth $38,000. Finally, NewEdge Advisors LLC lifted its position in shares of Echostar by 134.8% during the 1st quarter. NewEdge Advisors LLC now owns 324 shares of the company's stock worth $38,000 after buying an additional 186 shares during the last quarter. 33.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Echostar news, Director Stephen Bye sold 8,508 shares of Echostar stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the transaction, the director directly owned 653 shares of the company's stock, valued at approximately $58,658.99. The trade was a 92.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Wade sold 2,575 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total value of $238,573.75. Following the completion of the sale, the director owned 2,749 shares in the company, valued at $254,694.85. This trade represents a 48.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,508 shares of company stock worth $1,224,686 over the last ninety days. Company insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

ECHO has been the topic of a number of recent analyst reports. UBS Group upgraded Echostar from a "neutral" rating to a "buy" rating and lifted their target price for the company from $127.00 to $150.00 in a research report on Tuesday. 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. Wall Street Zen upgraded shares of Echostar from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. TD Cowen decreased their price target on shares of Echostar from $155.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, August 4th. Finally, Raymond James Financial upgraded shares of Echostar from a "market perform" rating to a "strong-buy" rating and set a $115.00 price objective for the company in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Echostar presently has an average rating of "Moderate Buy" and a consensus target price of $134.88.

Echostar Stock Performance

ECHO stock opened at $91.32 on Thursday. The company has a market capitalization of $26.53 billion, a P/E ratio of -3.66 and a beta of 1.00. The company's fifty day simple moving average is $89.85. 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 52-week low of $65.76 and a 52-week high of $147.25.

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

Echostar Profile

EchoStar Corporation is a global communications and technology company that provides satellite, broadband, and wireless connectivity services. Its operations include satellite communications, broadband internet, enterprise networking, and related technology solutions for consumers, businesses, and government customers.

Through its Hughes business, EchoStar provides satellite-based broadband services under the HughesNet brand, as well as managed network services, equipment, and connectivity solutions for residential and commercial users.

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