Pacer Advisors Inc. Reduces Stock Position in Echostar CORP $ECHO

Key Points

• Pacer Advisors slashed its EchoStar position by 99.1% in the first quarter, selling 752,662 shares and retaining 6,730 shares valued at approximately $788,000.
• EchoStar CEO Hamid Akhavan sold 52,586 shares for about $6.36 million under a pre-arranged Rule 10b5-1 trading plan; insiders still own 55.70% of the company.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $132, compared with an opening price of $89.15.

Pacer Advisors Inc. cut its holdings in Echostar CORP (NASDAQ:ECHO - Free Report) by 99.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,730 shares of the company's stock after selling 752,662 shares during the quarter. Pacer Advisors Inc.'s holdings in Echostar were worth $788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC raised its position in Echostar by 4.1% during the 1st quarter. Parallel Advisors LLC now owns 2,089 shares of the company's stock valued at $245,000 after purchasing an additional 83 shares during the last quarter. Diversified Trust Co grew its position in shares of Echostar by 0.4% in the 1st quarter. Diversified Trust Co now owns 22,845 shares of the company's stock worth $2,674,000 after buying an additional 84 shares during the last quarter. HB Wealth Management LLC increased its stake in shares of Echostar by 2.0% during the fourth quarter. HB Wealth Management LLC now owns 4,933 shares of the company's stock valued at $536,000 after buying an additional 98 shares during the period. Strs Ohio increased its stake in shares of Echostar by 0.5% during the first quarter. Strs Ohio now owns 19,100 shares of the company's stock valued at $2,236,000 after buying an additional 100 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Echostar by 2.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the company's stock valued at $611,000 after acquiring an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 33.62% of the company's stock.

Insider Buying and Selling at Echostar

In related news, CEO Hamid Akhavan sold 52,586 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 865,633 shares of the company's stock, valued at $104,741,593. This trade represents a 5.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.70% of the stock is owned by insiders.

Echostar Stock Performance

Shares of ECHO stock opened at $89.15 on Tuesday. The firm has a market cap of $25.90 billion, a PE ratio of -3.58 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 CORP has a 12 month low of $26.52 and a 12 month high of $147.25.

Echostar (NASDAQ:ECHO - Get Free Report) last announced 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 business had revenue of $3.67 billion during the quarter. As a group, research analysts expect that Echostar CORP will post 23.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

ECHO has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $137.00 price target on shares of Echostar in a research note on Wednesday, July 15th. TD Cowen decreased their price objective 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. New Street Research set a $165.00 target price on shares of Echostar in a research report on Monday, June 15th. Citigroup cut their target price on shares of Echostar from $126.00 to $117.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Finally, Raymond James Financial upgraded shares of Echostar from a "market perform" rating to a "strong-buy" rating and set a $115.00 price target on the stock in a research report on Friday, July 17th. One 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Echostar presently has an average rating of "Moderate Buy" and a consensus 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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