NEOS Investment Management LLC Makes New Investment in Echostar CORP $ECHO

Key Points

• NEOS Investment Management initiated a position in EchoStar during the second quarter, purchasing 22,706 shares valued at approximately $2.3 million. Institutional investors collectively own 33.62% of the company.
• EchoStar insiders have been selling shares, including directors Stephen J. Bye and William Wade, who substantially reduced their holdings; insiders sold 13,508 shares worth about $1.22 million over the past 90 days.
• The stock opened at $89.80, while analysts maintain a “Moderate Buy” consensus with an average price target of $132. EchoStar remains unprofitable, reporting a quarterly loss of $0.51 per share and a negative net margin of 38.71%.

NEOS Investment Management LLC acquired a new position in shares of Echostar CORP (NASDAQ:ECHO - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 22,706 shares of the company's stock, valued at approximately $2,305,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Bellwether Advisors LLC bought a new position in shares of Echostar during the 4th quarter worth about $3,593,000. Dockside LLC bought a new stake in Echostar in the fourth quarter valued at about $1,554,000. Seven Grand Managers LLC acquired a new position in Echostar in the fourth quarter worth about $21,740,000. Legal & General Group Plc raised its position in Echostar by 47.0% in the fourth quarter. Legal & General Group Plc now owns 356,447 shares of the company's stock worth $38,746,000 after purchasing an additional 114,018 shares in the last quarter. Finally, DNB Asset Management AS bought a new position in Echostar during the fourth quarter worth about $3,110,000. 33.62% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Stephen J. Bye sold 8,508 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the sale, the director owned 653 shares in the company, valued at approximately $58,658.99. This represents a 92.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William Wade sold 2,425 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $91.48, for a total value of $221,839.00. Following the sale, the director owned 324 shares in the company, valued at $29,639.52. The trade was a 88.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,508 shares of company stock valued at $1,224,686 over the last ninety days. Insiders own 55.70% of the company's stock.

Echostar Stock Performance

Shares of Echostar stock opened at $89.80 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. The company has a market capitalization of $26.09 billion, a PE ratio of -3.60 and a beta of 1.00. Echostar CORP has a 1-year low of $65.76 and a 1-year high of $147.25. The business's 50-day moving average price is $89.74.

Echostar (NASDAQ:ECHO - Get Free Report) last posted its earnings results on Saturday, May 9th. The company reported ($0.51) earnings per share (EPS) for the quarter. The firm had revenue of $3.67 billion during the quarter. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. As a group, equities research analysts predict that Echostar CORP will post -1.35 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ECHO. Wall Street Zen upgraded Echostar from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Williams Trading set a $155.00 target price on Echostar in a research report on Monday, May 18th. TD Cowen decreased their price target on Echostar from $155.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Weiss Ratings started coverage on Echostar in a research note on Monday, July 6th. They issued a "sell (d-)" rating on the stock. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $137.00 price target on shares of Echostar in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $132.00.

Echostar 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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