Echostar CORP $ECHO Stock Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its EchoStar stake by 21.2% in the third quarter, selling 69,447 shares and ending the period with 258,559 shares valued at about $23.1 million.
• Analyst sentiment is broadly positive: EchoStar has a consensus “Buy” rating and an average price target of $139.44, though individual targets and views vary.
• EchoStar reported quarterly EPS of $7.97, beating the $3.07 consensus estimate; its shares opened at $89.92 after a reported 8.8% decline.

Sumitomo Mitsui Trust Group Inc. lessened its position in Echostar CORP (NASDAQ:ECHO - Free Report) by 21.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 258,559 shares of the company's stock after selling 69,447 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.09% of Echostar worth $23,118,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Tidal Investments LLC bought a new position in shares of Echostar during the second quarter valued at about $159,344,000. Tema ETFs LLC boosted its holdings in shares of Echostar by 83,917.0% during the second quarter. Tema ETFs LLC now owns 1,539,191 shares of the company's stock worth $156,228,000 after purchasing an additional 1,537,359 shares during the period. Van ECK Associates Corp purchased a new stake in shares of Echostar during the second quarter worth about $139,004,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Echostar in the third quarter worth about $64,207,000. Finally, Hennessy Advisors Inc. bought a new stake in shares of Echostar in the second quarter worth about $48,405,000. Institutional investors own 33.62% of the company's stock.

Insider Buying and Selling

In other Echostar news, Director William Wade sold 2,425 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $91.48, for a total value of $221,839.00. Following the completion of the sale, the director directly owned 324 shares in the company, valued at $29,639.52. This trade represents a 88.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 54.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

ECHO has been the topic of a number of research analyst reports. Morgan Stanley reduced their price target on Echostar from $134.00 to $132.00 and set an "overweight" rating on the stock in a report on Wednesday. Zacks Research raised Echostar from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $137.00 price objective on shares of Echostar in a report on Wednesday, July 15th. UBS Group lifted their price objective on Echostar from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Citigroup reduced their target price on Echostar from $126.00 to $117.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Echostar has a consensus rating of "Buy" and a consensus target price of $139.44.

Echostar Trading Down 8.8%

Shares of NASDAQ ECHO opened at $89.92 on Friday. The stock has a fifty day moving average of $91.84. Echostar CORP has a 12 month low of $65.76 and a 12 month high of $147.25. The company has a quick ratio of 5.12, a current ratio of 10.16 and a debt-to-equity ratio of 0.57. The company has a market cap of $26.12 billion, a price-to-earnings ratio of -3.61 and a beta of 1.06.

Echostar (NASDAQ:ECHO - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The company reported $7.97 earnings per share for the quarter, beating analysts' consensus estimates of $3.07 by $4.90. Echostar had a net margin of 81.29% and a return on equity of 22.85%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $3.00 million. On average, sell-side analysts predict that Echostar CORP will post -0.27 earnings per share for the current year.

Echostar 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.

Want to see what other hedge funds are holding ECHO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Echostar CORP (NASDAQ:ECHO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.