Echostar (NASDAQ:ECHO) Releases Quarterly Earnings Results, Beats Estimates By $24.14 EPS

Echostar (NASDAQ:ECHO) posted its earnings results on Monday. The company reported $24.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $24.14, FiscalAI reports. 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 97.56% and a negative return on equity of 4.80%.

Echostar Price Performance

Shares of Echostar stock opened at $84.09 on Monday. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27. Echostar has a 52-week low of $26.04 and a 52-week high of $147.25. The stock has a market capitalization of $24.37 billion, a PE ratio of -1.68 and a beta of 1.03.

Insider Buying and Selling

In other Echostar news, CEO Hamid Akhavan sold 52,586 shares of Echostar stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the sale, the chief executive officer owned 865,633 shares in the company, valued at $104,741,593. The trade was a 5.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 55.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Lido Advisors LLC bought a new stake in shares of Echostar in the third quarter valued at approximately $825,000. Quadrant Capital Group LLC grew its holdings in shares of Echostar by 10.9% during the 3rd quarter. Quadrant Capital Group LLC now owns 10,293 shares of the company’s stock worth $786,000 after purchasing an additional 1,010 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Echostar in the fourth quarter worth $611,000. Odyssean LLC acquired a new position in Echostar in the fourth quarter valued at about $451,000. Finally, Commonwealth Equity Services LLC raised its stake in Echostar by 46.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 3,903 shares of the company’s stock valued at $424,000 after purchasing an additional 1,236 shares in the last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.

Wall Street Analyst Weigh In

ECHO has been the topic of a number of research reports. Weiss Ratings started coverage on shares of Echostar in a research note on Monday, July 6th. They issued a “sell (d-)” rating on the stock. Wall Street Zen upgraded shares of Echostar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Raymond James Financial upgraded 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. New Street Research set a $165.00 target price on Echostar in a research report on Monday, June 15th. Finally, TD Cowen increased their target price on Echostar from $129.00 to $155.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $136.25.

Echostar Company 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.