Echostar CORP $ECHO Stock: Hennessy Advisors Inc. Cuts Holdings

Key Points

• Hennessy Advisors reduced its EchoStar stake by 3.1% in the third quarter, selling 14,700 shares and retaining 462,200 shares valued at approximately $41.3 million. Institutional investors collectively own 33.62% of the company.
• EchoStar shares opened at $96.94, compared with a 12-month range of $65.76 to $147.25. The company reported $3.58 billion in quarterly revenue, down 4% year over year, while analysts expect a full-year loss of $0.27 per share.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Buy” rating and an average price target of $138.56. However, company directors sold a combined 13,508 shares worth about $1.2 million during the last quarter.

Hennessy Advisors Inc. lessened its stake in Echostar CORP (NASDAQ:ECHO - Free Report) by 3.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 462,200 shares of the company's stock after selling 14,700 shares during the quarter. Echostar makes up about 1.5% of Hennessy Advisors Inc.'s holdings, making the stock its 11th largest position. Hennessy Advisors Inc. owned approximately 0.16% of Echostar worth $41,325,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of ECHO. Tidal Investments LLC bought a new position in shares of Echostar during the 2nd quarter worth approximately $159,344,000. Tema ETFs LLC grew its holdings in shares of 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 acquiring an additional 1,537,359 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Echostar in the second quarter valued at approximately $139,004,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Echostar in the third quarter valued at approximately $64,207,000. Finally, Amundi purchased a new stake in shares of Echostar during the second quarter valued at approximately $41,808,000. Hedge funds and other institutional investors own 33.62% of the company's stock.

Echostar Price Performance

NASDAQ:ECHO opened at $96.94 on Monday. The stock has a market cap of $28.16 billion, a PE ratio of -3.89 and a beta of 1.06. 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 50-day simple moving average of $90.95. Echostar CORP has a twelve month low of $65.76 and a twelve month high of $147.25.

Echostar (NASDAQ:ECHO - Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported $24.12 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $24.14. The business had revenue of $3.58 billion for the quarter, compared to the consensus estimate of $3.59 billion. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. Echostar's quarterly revenue was down 4.0% on a year-over-year basis. During the same period last year, the firm posted ($1.06) earnings per share. On average, equities research analysts expect that Echostar CORP will post -0.27 EPS for the current fiscal year.

Analysts Set New Price Targets

ECHO has been the topic of several research analyst reports. JPMorgan Chase & Co. assumed coverage on Echostar in a research report on Friday, October 16th. They issued an "overweight" rating and a $144.00 price objective on the stock. Morgan Stanley started coverage on Echostar in a research report on Monday, September 14th. They set an "overweight" rating and a $134.00 target price for the company. Zacks Research upgraded Echostar from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 19th. TD Cowen cut 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, Citigroup reduced their price target on shares of Echostar from $126.00 to $117.00 and set a "buy" rating for the company in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $138.56.

Insider Buying and Selling at Echostar

In related news, Director Stephen Bye sold 8,508 shares of the company's stock in a transaction 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 completion of the transaction, the director directly owned 653 shares in the company, 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 Wade sold 2,575 shares of the 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 completion of the transaction, the director directly owned 2,749 shares in the company, valued at approximately $254,694.85. This represents a 48.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,508 shares of company stock valued at $1,224,686 over the last quarter. 54.60% of the stock is owned by company insiders.

Echostar Company Profile

EchoStar Corporation is a global provider of satellite communications, broadband connectivity and wireless services. The company operates through businesses that serve consumers, enterprises, governments and other organizations with connectivity solutions delivered through satellite, wireless and terrestrial networks.

EchoStar's portfolio includes Hughes, which provides satellite and managed broadband services, as well as satellite television and wireless communications businesses associated with the DISH Network combination completed in 2024.

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