Step Capital Management Pte. Ltd. Takes $13.20 Million Position in Echostar CORP $ECHO

Key Points

• Step Capital Management initiated a $13.2 million position in EchoStar during the second quarter, purchasing 130,000 shares; institutional investors collectively own 33.62% of the company.
• EchoStar directors sold 13,508 shares worth approximately $1.22 million over the past 90 days, while insiders own just 2.00% of the stock.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $132, but EchoStar remains unprofitable, reporting a quarterly loss of $0.51 per share and a negative net margin of 38.71%.

Step Capital Management Pte. Ltd. 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 disclosure with the SEC. The fund bought 130,000 shares of the company's stock, valued at approximately $13,195,000. Echostar accounts for about 2.8% of Step Capital Management Pte. Ltd.'s holdings, making the stock its 7th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Parallel Advisors LLC raised its holdings in Echostar by 4.1% in the 1st quarter. Parallel Advisors LLC now owns 2,089 shares of the company's stock valued at $245,000 after acquiring an additional 83 shares during the period. Diversified Trust Co boosted its holdings in shares of Echostar by 0.4% during the first quarter. Diversified Trust Co now owns 22,845 shares of the company's stock worth $2,674,000 after acquiring an additional 84 shares during the period. Strs Ohio boosted its holdings in shares of Echostar by 0.5% during the first quarter. Strs Ohio now owns 19,100 shares of the company's stock worth $2,236,000 after acquiring an additional 100 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Echostar by 2.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,618 shares of the company's stock valued at $611,000 after purchasing an additional 114 shares during the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Echostar by 8.1% during the fourth quarter. Fifth Third Bancorp now owns 1,800 shares of the company's stock worth $196,000 after purchasing an additional 135 shares during the period. Institutional investors and hedge funds own 33.62% of the company's stock.

Insider Transactions at Echostar

In related news, Director Stephen Bye sold 8,508 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $89.83, for a total transaction of $764,273.64. Following the completion of the sale, the director owned 653 shares of the company's stock, valued at $58,658.99. This represents a 92.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William Wade sold 2,575 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $92.65, for a total transaction of $238,573.75. Following the sale, the director owned 2,749 shares in the company, valued at $254,694.85. The trade was a 48.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 13,508 shares of company stock valued at $1,224,686. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. 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. Citigroup lowered their price objective on Echostar from $126.00 to $117.00 and set a "buy" rating on the stock in a research report on Tuesday, August 4th. Weiss Ratings initiated coverage on shares of Echostar in a research report on Monday, July 6th. They issued a "sell (d-)" rating for the company. Williams Trading set a $155.00 price target on shares of Echostar in a research note on Monday, May 18th. Finally, New Street Research set a $165.00 price target on shares of Echostar in a research report on Monday, June 15th. One equities research 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $132.00.

Echostar Price Performance

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

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

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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