Echostar CORP $ECHO Stock Holdings Lifted by Bank of America Corp DE

Key Points

• Bank of America increased its EchoStar position by 42.4% in the first quarter, purchasing 318,248 additional shares and bringing its holdings to 1.07 million shares worth approximately $125.2 million.
• EchoStar’s latest quarter showed a $0.51 per-share loss on $3.67 billion in revenue, alongside a negative net margin of 38.71%. Institutional investors and hedge funds collectively own 33.62% of the company.
• Analyst sentiment remains mixed but leans positive: the stock has a “Moderate Buy” consensus rating with a $132 average price target, while price targets range from $115 to $165 and one firm rates the shares “Sell.”

Bank of America Corp DE grew its position in Echostar CORP (NASDAQ:ECHO - Free Report) by 42.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,069,301 shares of the company's stock after purchasing an additional 318,248 shares during the period. Bank of America Corp DE owned about 0.37% of Echostar worth $125,183,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in Echostar in the fourth quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Echostar during the 3rd quarter valued at $38,000. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of Echostar in the 1st quarter valued at $39,000. Tucker Asset Management LLC bought a new stake in Echostar in the fourth quarter worth $42,000. Finally, BOKF NA boosted its holdings in Echostar by 300.0% in the fourth quarter. BOKF NA now owns 400 shares of the company's stock worth $43,000 after purchasing an additional 300 shares in the last quarter. 33.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Hamid Akhavan sold 52,586 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 865,633 shares of the company's stock, valued at approximately $104,741,593. This represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.00% of the company's stock.

Echostar Stock Performance

Shares of Echostar stock opened at $87.03 on Friday. Echostar CORP has a 1 year low of $26.47 and a 1 year high of $147.25. The firm has a market capitalization of $25.22 billion, a PE ratio of -3.49 and a beta of 1.03. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.27 and a current ratio of 5.20.

Echostar (NASDAQ:ECHO - Get Free Report) last released its earnings results on Saturday, May 9th. The company reported ($0.51) EPS for the quarter. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. The company had revenue of $3.67 billion for the quarter. Equities analysts forecast that Echostar CORP will post 23.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ECHO. Weiss Ratings started coverage on Echostar in a report on Monday, July 6th. They set a "sell (d-)" rating on the stock. Raymond James Financial raised Echostar from a "market perform" rating to a "strong-buy" rating and set a $115.00 price objective on the stock in a research note on Friday, July 17th. New Street Research set a $165.00 target price on Echostar in a research report on Monday, June 15th. Wall Street Zen upgraded shares of Echostar from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, 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. One 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $132.00.

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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