Oregon Public Employees Retirement Fund Invests $1.71 Million in Echostar CORP $ECHO

Key Points

• Oregon Public Employees Retirement Fund initiated a $1.71 million position in EchoStar during the second quarter, purchasing 16,837 shares. Institutional investors and hedge funds collectively own 33.62% of the company.
• EchoStar insiders sold shares, including CEO Hamid Akhavan’s $6.36 million sale and director Stephen J. Bye’s $764,274 sale. Insiders retain only 2.00% of the company’s stock.
• EchoStar reported a quarterly loss of $0.51 per share on $3.67 billion in revenue, while analysts maintain a Moderate Buy consensus with an average price target of $132, above the stock’s $91.68 opening price.

Oregon Public Employees Retirement Fund bought a new position in shares of Echostar CORP (NASDAQ:ECHO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 16,837 shares of the company's stock, valued at approximately $1,709,000.

Other institutional investors have also bought and sold shares of the company. Hollencrest Capital Management acquired a new position in Echostar during the fourth quarter worth $26,000. SOA Wealth Advisors LLC. bought a new position in shares of Echostar during the first quarter valued at $34,000. Pittenger & Anderson Inc. acquired a new stake in shares of Echostar in the 2nd quarter valued at $38,000. NewEdge Advisors LLC grew its holdings in shares of Echostar by 134.8% in the 1st quarter. NewEdge Advisors LLC now owns 324 shares of the company's stock worth $38,000 after purchasing an additional 186 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Echostar in the 3rd quarter worth about $38,000. Institutional investors and hedge funds own 33.62% of the company's stock.

Insiders Place Their Bets

In related news, CEO Hamid Akhavan sold 52,586 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $121.00, for a total value of $6,362,906.00. Following the transaction, the chief executive officer owned 865,633 shares in the company, valued at $104,741,593. This trade represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen J. Bye sold 8,508 shares of Echostar stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $89.83, for a total value of $764,273.64. Following the completion of the sale, the director owned 653 shares of the company's stock, valued at approximately $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.00% of the company's stock.

Echostar Trading Down 0.9%

Shares of ECHO stock opened at $91.68 on Friday. Echostar CORP has a 1 year low of $26.52 and a 1 year high of $147.25. The company has a market cap of $26.63 billion, a PE ratio of -3.68 and a beta of 1.03. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13.

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

Wall Street Analysts Forecast Growth

ECHO has been the subject of several analyst reports. TD Cowen cut their price target on shares of Echostar from $155.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, August 4th. Williams Trading set a $155.00 price objective on shares of Echostar in a report on Monday, May 18th. Wall Street Zen raised Echostar from a "sell" rating to a "hold" rating in a 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 price target for the company in a report on Friday, July 17th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $137.00 price objective on shares of Echostar in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Echostar 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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