Echostar CORP $ECHO Stake Lowered by State of Wyoming

Key Points

• State of Wyoming cut its EchoStar stake by 92.7% in the third quarter, selling 30,796 shares and retaining 2,431 shares valued at about $217,000.
• Other institutions made significant investments, including Tema ETFs, which increased its holding to 1.54 million shares; institutional investors collectively own 33.62% of EchoStar.
• Analysts’ consensus rating is Buy, with an average price target of $139.44. EchoStar also reported quarterly EPS of $7.97, exceeding the $3.07 consensus estimate.

State of Wyoming cut its stake in Echostar CORP (NASDAQ:ECHO - Free Report) by 92.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,431 shares of the company's stock after selling 30,796 shares during the quarter. State of Wyoming's holdings in Echostar were worth $217,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ECHO. Tidal Investments LLC acquired a new stake in Echostar during the second quarter valued at $159,344,000. Tema ETFs LLC grew its stake in Echostar by 83,917.0% in the second 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. Van ECK Associates Corp purchased a new position in Echostar in the second quarter valued at about $139,004,000. Hennessy Advisors Inc. acquired a new position in Echostar in the 2nd quarter worth about $48,405,000. Finally, Amundi purchased a new stake in shares of Echostar during the 2nd quarter worth about $41,808,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. began coverage on Echostar in a report on Friday, October 16th. They set an "overweight" rating and a $144.00 price target for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Echostar in a research note on Friday, October 2nd. Citigroup dropped their price objective on Echostar from $126.00 to $117.00 and set a "buy" rating on the stock in a report on Tuesday, August 4th. Morgan Stanley cut their price objective on shares of Echostar from $134.00 to $132.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, UBS Group raised their price objective on shares of Echostar from $150.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $139.44.

Insider Transactions at Echostar

In related news, Director William Wade sold 2,575 shares of Echostar stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total value of $238,573.75. Following the transaction, the director owned 2,749 shares in the company, valued at $254,694.85. This trade represents a 48.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 54.60% of the company's stock.

Echostar Stock Up 5.2%

Shares of ECHO stock opened at $94.62 on Friday. Echostar CORP has a 12 month low of $65.76 and a 12 month high of $147.25. The company has a debt-to-equity ratio of 0.57, a quick ratio of 5.12 and a current ratio of 10.16. The company's 50 day moving average is $92.00. The firm has a market capitalization of $27.49 billion, a P/E ratio of 3.45 and a beta of 1.06.

Echostar (NASDAQ:ECHO - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $7.97 earnings per share for the quarter, topping analysts' consensus estimates of $3.07 by $4.90. The business had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $3.00 million. Echostar had a net margin of 81.29% and a return on equity of 22.85%. As a group, equities analysts expect that Echostar CORP will post -0.13 EPS for the current fiscal year.

Echostar Profile

EchoStar Corporation is a communications and connectivity company whose businesses span satellite broadband, enterprise and government communications, pay-TV and wireless services. Its offerings include satellite-based internet and network solutions through Hughes Network Systems, along with consumer and business connectivity services.

The company also provides video entertainment through DISH TV and Sling TV, and wireless services under the Boost Mobile brand. EchoStar serves customers in the United States and, through its satellite and communications operations, in international markets.

Founded by Charlie Ergen in 1980, EchoStar initially focused on satellite technology and services.

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