Insider Selling: EchoStar (NASDAQ:SATS) COO Sells 45,000 Shares of Stock

Key Points

• EchoStar's COO, Paul Gaske, sold 45,000 shares of the company's stock at an average price of $80.25, resulting in a total transaction value of $3.61 million.
• Following the sale, Gaske's ownership in EchoStar decreased by 96.58% to just 1,593 shares, valued at approximately $127,838.
• EchoStar's shares experienced a 4.4% decline, with the stock trading at $79.89 on Wednesday, reflecting broader market trends and recent earnings reports.

EchoStar Corporation (NASDAQ:SATS - Get Free Report) COO Paul Gaske sold 45,000 shares of the business's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $80.25, for a total transaction of $3,611,250.00. Following the sale, the chief operating officer owned 1,593 shares in the company, valued at $127,838.25. This represents a 96.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

EchoStar Stock Down 4.4%

Shares of SATS stock traded down $3.68 on Wednesday, reaching $79.89. 4,710,001 shares of the company's stock traded hands, compared to its average volume of 8,043,385. The company has a market capitalization of $22.99 billion, a P/E ratio of -76.09 and a beta of 0.99. EchoStar Corporation has a 12-month low of $14.90 and a 12-month high of $85.37. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.22. The business's 50 day moving average price is $38.11 and its two-hundred day moving average price is $28.64.

EchoStar (NASDAQ:SATS - Get Free Report) last released its earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.12) by $0.06. The company had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.80 billion. EchoStar had a negative net margin of 2.04% and a negative return on equity of 1.58%. The company's revenue was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.76) EPS. On average, equities analysts forecast that EchoStar Corporation will post -1.99 earnings per share for the current year.

Hedge Funds Weigh In On EchoStar

Institutional investors have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its stake in EchoStar by 11.5% in the second quarter. Thrivent Financial for Lutherans now owns 31,594 shares of the communications equipment provider's stock worth $875,000 after purchasing an additional 3,266 shares in the last quarter. Marex Group plc acquired a new position in EchoStar during the 2nd quarter worth about $947,000. CANADA LIFE ASSURANCE Co grew its holdings in EchoStar by 5.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 103,871 shares of the communications equipment provider's stock worth $2,878,000 after acquiring an additional 5,339 shares during the last quarter. Tower Research Capital LLC TRC increased its position in EchoStar by 23.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 14,815 shares of the communications equipment provider's stock valued at $410,000 after acquiring an additional 2,850 shares in the last quarter. Finally, Captrust Financial Advisors raised its stake in shares of EchoStar by 7.1% in the second quarter. Captrust Financial Advisors now owns 14,839 shares of the communications equipment provider's stock worth $411,000 after acquiring an additional 978 shares during the last quarter. 33.62% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. TD Cowen upped their price objective on shares of EchoStar from $28.00 to $67.00 and gave the stock a "buy" rating in a report on Wednesday, August 27th. Cowen restated a "buy" rating on shares of EchoStar in a report on Wednesday, August 27th. Deutsche Bank Aktiengesellschaft set a $105.00 price target on EchoStar in a research report on Tuesday. Morgan Stanley boosted their price objective on EchoStar from $59.00 to $91.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Finally, Citigroup restated a "neutral" rating on shares of EchoStar in a research note on Friday, August 29th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $63.90.

EchoStar Company Profile

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.