Tidal Investments LLC Purchases Shares of 1,569,889 Echostar CORP $ECHO

Key Points

• Tidal Investments acquired 1,569,889 EchoStar shares in the second quarter, valued at approximately $159.3 million and representing a 0.54% stake. Institutional investors collectively own 33.62% of the company.
• EchoStar insiders sold 13,508 shares worth approximately $1.22 million over the past three months, including substantial position reductions by directors William Wade and Stephen J. Bye.
• Analyst sentiment is generally positive, with EchoStar receiving a “Moderate Buy” consensus rating and an average price target of $134.88 versus its recent price of $91.32. However, the company remains unprofitable, reporting a quarterly loss of $0.51 per share and a negative net margin of 38.71%.

Tidal Investments LLC acquired a new position in Echostar CORP (NASDAQ:ECHO - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,569,889 shares of the company's stock, valued at approximately $159,344,000. Tidal Investments LLC owned 0.54% of Echostar as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ECHO. Hollencrest Capital Management purchased a new position in Echostar in the 4th quarter worth approximately $26,000. Strive Financial Group LLC purchased a new stake in Echostar during the 2nd quarter valued at approximately $28,000. SOA Wealth Advisors LLC. bought a new stake in shares of Echostar during the first quarter valued at approximately $34,000. Pittenger & Anderson Inc. bought a new stake in shares of Echostar during the second quarter valued at approximately $38,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Echostar by 134.8% in the first quarter. NewEdge Advisors LLC now owns 324 shares of the company's stock worth $38,000 after buying an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 33.62% of the company's stock.

Insiders Place Their Bets

In related news, Director William Wade sold 2,575 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total value of $238,573.75. Following the completion of the transaction, the director owned 2,749 shares of the company's stock, valued at approximately $254,694.85. This trade represents a 48.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction, the director owned 653 shares of the company's stock, valued at approximately $58,658.99. This represents a 92.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,508 shares of company stock valued at $1,224,686 over the last three months. Corporate insiders own 2.00% of the company's stock.

Echostar Stock Performance

NASDAQ ECHO opened at $91.32 on Thursday. The firm's 50 day moving average price is $89.85. Echostar CORP has a one year low of $65.76 and a one year high of $147.25. The company has a quick ratio of 5.12, a current ratio of 5.20 and a debt-to-equity ratio of 1.13. The company has a market cap of $26.53 billion, a P/E ratio of -3.66 and a beta of 1.00.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on ECHO. Weiss Ratings initiated coverage on shares of Echostar in a research note on Monday, July 6th. They set a "sell (d-)" rating for the company. UBS Group upgraded shares of Echostar from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $127.00 to $150.00 in a research note on Tuesday. New Street Research set a $165.00 price objective on shares of Echostar in a report on Monday, June 15th. Raymond James Financial raised shares of Echostar from a "market perform" rating to a "strong-buy" rating and set a $115.00 price objective for the company in a report on Friday, July 17th. Finally, Wall Street Zen upgraded Echostar from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. One research 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, Echostar presently has an average rating of "Moderate Buy" and an average price target of $134.88.

About Echostar

EchoStar Corporation is a global communications and technology company that provides satellite, broadband, and wireless connectivity services. Its operations include satellite communications, broadband internet, enterprise networking, and related technology solutions for consumers, businesses, and government customers.

Through its Hughes business, EchoStar provides satellite-based broadband services under the HughesNet brand, as well as managed network services, equipment, and connectivity solutions for residential and commercial users.

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