Van ECK Associates Corp Buys New Position in Echostar CORP $ECHO

Key Points

• Van ECK Associates acquired 1.37 million EchoStar shares worth approximately $139 million, representing about 0.47% of the company. Institutional investors collectively own 33.62% of EchoStar.
• Analysts maintain a generally positive view, with EchoStar receiving a consensus “Moderate Buy” rating and an average price target of $132, despite several recent target-price cuts.
• EchoStar shares opened at $86.84, while insiders sold 66,094 shares worth about $7.6 million in the past quarter. The company reported quarterly revenue of $3.67 billion but a loss of $0.51 per share and a negative net margin.

Van ECK Associates Corp acquired a new position in shares of Echostar CORP (NASDAQ:ECHO - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,369,499 shares of the company's stock, valued at approximately $139,004,000. Van ECK Associates Corp owned about 0.47% of Echostar as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new stake in Echostar during the fourth quarter worth about $26,000. SOA Wealth Advisors LLC. purchased a new position in shares of Echostar in the 1st quarter worth about $34,000. NewEdge Advisors LLC increased its position in shares of Echostar by 134.8% during the 1st quarter. NewEdge Advisors LLC now owns 324 shares of the company's stock valued at $38,000 after purchasing an additional 186 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in shares of Echostar during the 1st quarter valued at about $39,000. Finally, Pittenger & Anderson Inc. purchased a new position in shares of Echostar during the 2nd quarter valued at about $38,000. Institutional investors own 33.62% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on ECHO shares. TD Cowen dropped their target price on Echostar from $155.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, August 4th. Weiss Ratings started coverage on shares of Echostar in a research report on Monday, July 6th. They set a "sell (d-)" rating on the stock. New Street Research set a $165.00 price target on shares of Echostar in a research note 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 research note on Friday, July 17th. Finally, Citigroup reduced their target price on shares of Echostar from $126.00 to $117.00 and set a "buy" rating on the stock in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Echostar has an average rating of "Moderate Buy" and a consensus price target of $132.00.

Insiders Place Their Bets

In other news, Director Stephen J. Bye sold 8,508 shares of the 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 directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William David Wade sold 2,425 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $91.48, for a total value of $221,839.00. Following the completion of the sale, the director directly owned 324 shares in the company, valued at $29,639.52. The trade was a 88.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 66,094 shares of company stock valued at $7,587,592 in the last quarter. Insiders own 2.00% of the company's stock.

Echostar Stock Performance

ECHO opened at $86.84 on Friday. 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 $25.23 billion, a P/E ratio of -3.48 and a beta of 1.03. Echostar CORP has a 1 year low of $56.26 and a 1 year high of $147.25.

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

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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