Echostar (NASDAQ:ECHO) Stock Price Up 7.8% - Here's What Happened

Key Points

• EchoStar shares jumped 7.8% to about $93.09 in mid-day trading, although volume was 86% below the stock’s average session volume.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $138.56; recent targets range from $115 to $144.
• The company reported quarterly EPS of $24.12, far exceeding the $0.02 loss analysts expected, while revenue of $3.58 billion was slightly below estimates and declined 4% year over year.

Echostar CORP (NASDAQ:ECHO - Get Free Report) shares were up 7.8% during mid-day trading on Wednesday. The company traded as high as $92.40 and last traded at $93.0880. 850,160 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 6,168,351 shares. The stock had previously closed at $86.39.

Analyst Upgrades and Downgrades

ECHO has been the subject of several analyst reports. JPMorgan Chase & Co. began coverage on Echostar in a research report on Friday, October 16th. They set an "overweight" rating and a $144.00 target price for the company. TD Cowen lowered their price target on Echostar from $155.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, August 4th. Morgan Stanley reiterated an "overweight" rating and issued a $134.00 price target on shares of Echostar in a research report on Monday, September 14th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $137.00 price objective on shares of Echostar in a report on Wednesday, July 15th. Finally, Raymond James Financial raised 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. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $138.56.

Echostar Price Performance

The stock has a market capitalization of $27.23 billion, a PE ratio of -3.76 and a beta of 0.99. The business has a 50 day moving average price of $90.71. The company has a quick ratio of 5.12, a current ratio of 5.20 and a debt-to-equity ratio of 1.13.

Echostar (NASDAQ:ECHO - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $24.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $24.14. The company had revenue of $3.58 billion during the quarter, compared to analysts' expectations of $3.59 billion. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. Echostar's quarterly revenue was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.06) earnings per share. On average, research analysts anticipate that Echostar CORP will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Echostar

In related news, Director William Wade sold 2,575 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total transaction of $238,573.75. Following the transaction, the director owned 2,749 shares in the company, valued at $254,694.85. This represents a 48.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen Bye sold 8,508 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the transaction, the director owned 653 shares in the company, valued at approximately $58,658.99. This trade represents a 92.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,508 shares of company stock valued at $1,224,686 over the last ninety days. 54.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Echostar

A number of large investors have recently modified their holdings of ECHO. Tidal Investments LLC acquired a new stake in Echostar during the 2nd quarter worth approximately $159,344,000. Tema ETFs LLC lifted its stake in Echostar by 83,917.0% in the second quarter. Tema ETFs LLC now owns 1,539,191 shares of the company's stock valued at $156,228,000 after buying an additional 1,537,359 shares in the last quarter. Van ECK Associates Corp acquired a new position in shares of Echostar in the second quarter valued at approximately $139,004,000. Bank of America Corp DE increased its position in shares of Echostar by 42.4% during the first quarter. Bank of America Corp DE now owns 1,069,301 shares of the company's stock worth $125,183,000 after acquiring an additional 318,248 shares in the last quarter. Finally, Atreides Management LP raised its holdings in shares of Echostar by 11.0% during the first quarter. Atreides Management LP now owns 1,000,346 shares of the company's stock worth $117,111,000 after acquiring an additional 99,262 shares during the period. 33.62% of the stock is currently owned by institutional investors and hedge funds.

About Echostar

EchoStar Corporation is a global provider of satellite communications, broadband connectivity and wireless services. The company operates through businesses that serve consumers, enterprises, governments and other organizations with connectivity solutions delivered through satellite, wireless and terrestrial networks.

EchoStar's portfolio includes Hughes, which provides satellite and managed broadband services, as well as satellite television and wireless communications businesses associated with the DISH Network combination completed in 2024.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.