Empowered Funds LLC Makes New Investment in Echostar CORP $ECHO

Key Points

• Empowered Funds LLC acquired 66,748 EchoStar shares during the first quarter, valued at approximately $7.8 million. Institutional investors collectively own 33.62% of the company.
• EchoStar shares opened at $84.09, down 2.4%, while the company reported a quarterly loss of $0.51 per share on $3.67 billion in revenue and continues to face significant debt and negative profitability metrics.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $136.25, although the CEO recently sold 52,586 shares under a pre-arranged Rule 10b5-1 plan.

Empowered Funds LLC acquired a new stake in Echostar CORP (NASDAQ:ECHO - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 66,748 shares of the company's stock, valued at approximately $7,814,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Hollencrest Capital Management acquired a new stake in shares of Echostar during the fourth quarter worth about $26,000. CoreCap Advisors LLC acquired a new position in Echostar in the 4th quarter valued at about $28,000. Caitong International Asset Management Co. Ltd acquired a new position in Echostar in the 3rd quarter valued at about $38,000. Tucker Asset Management LLC purchased a new stake in Echostar during the 4th quarter valued at approximately $42,000. Finally, BOKF NA raised its stake in Echostar by 300.0% during the 4th quarter. BOKF NA now owns 400 shares of the company's stock valued at $43,000 after acquiring an additional 300 shares during the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Hamid Akhavan sold 52,586 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the transaction, the chief executive officer owned 865,633 shares of the company's stock, valued at $104,741,593. This represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.00% of the stock is owned by corporate insiders.

Echostar Stock Down 2.4%

Shares of ECHO opened at $84.09 on Friday. Echostar CORP has a twelve month low of $26.04 and a twelve month high of $147.25. The company has a market capitalization of $24.37 billion, a price-to-earnings ratio of -1.68 and a beta of 1.00. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.27 and a current ratio of 0.30.

Echostar (NASDAQ:ECHO - Get Free Report) last released its earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. The business had revenue of $3.67 billion for the quarter. Echostar had a negative return on equity of 4.80% and a negative net margin of 97.56%. As a group, analysts anticipate that Echostar CORP will post -1.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ECHO. Wall Street Zen raised Echostar from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Raymond James Financial raised Echostar from a "market perform" rating to a "strong-buy" rating and set a $115.00 target price on the stock in a report on Friday, July 17th. Weiss Ratings assumed coverage on Echostar in a research note on Monday, July 6th. They set a "sell (d-)" rating for the company. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $137.00 price target on shares of Echostar in a report on Wednesday, July 15th. Finally, New Street Research set a $165.00 price objective on shares of Echostar in a research report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $136.25.

Echostar Company Profile

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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