Echostar (NASDAQ:ECHO) Stock Price Up 7.8% – Here’s What Happened

Echostar CORP (NASDAQ:ECHO)’s stock price shot up 7.8% on Wednesday. The stock traded as high as $92.40 and last traded at $93.0880. 850,160 shares traded 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.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ECHO shares. TD Cowen lowered their price target on Echostar from $155.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. JPMorgan Chase & Co. initiated coverage on Echostar in a research report on Friday, October 16th. They set an “overweight” rating and a $144.00 price objective for the company. UBS Group raised shares of Echostar from a “neutral” rating to a “buy” rating and lifted their target price for the company from $127.00 to $150.00 in a report on Tuesday, September 8th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $137.00 target price on shares of Echostar in a report on Wednesday, July 15th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $134.00 price objective on shares of Echostar in a research note on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Echostar has an average rating of “Buy” and an average target price of $138.56.

Echostar Price Performance

The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. The business’s 50-day moving average price is $90.59.

Echostar (NASDAQ:ECHO) last announced 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 for the quarter, compared to analyst estimates of $3.59 billion. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%. Echostar’s quarterly revenue was down 4.0% on a year-over-year basis. During the same period in the prior year, the company posted ($1.06) EPS. As a group, equities research analysts anticipate that Echostar CORP will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling at Echostar

In related news, Director William Wade sold 2,575 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $92.65, for a total transaction of $238,573.75. Following the sale, the director owned 2,749 shares of the company’s stock, valued at $254,694.85. The trade was a 48.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the director directly owned 653 shares in the company, valued at approximately $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 13,508 shares of company stock valued at $1,224,686. Corporate insiders own 54.60% of the company’s stock.

Institutional Trading of Echostar

Several large investors have recently added to or reduced their stakes in the company. Atreides Management LP increased its holdings in shares of Echostar by 11.0% during the 1st quarter. Atreides Management LP now owns 1,000,346 shares of the company’s stock valued at $117,111,000 after acquiring an additional 99,262 shares during the last quarter. OP Asset Management Ltd bought a new stake in Echostar in the 1st quarter valued at $1,637,000. Resolute Advisors LLC bought a new stake in Echostar in the second quarter valued at $3,774,000. Hsbc Holdings PLC increased its position in shares of Echostar by 301.9% during the 4th quarter. Hsbc Holdings PLC now owns 79,182 shares of the company’s stock worth $8,654,000 after purchasing an additional 59,482 shares in the last quarter. Finally, BTG Pactual Asset Management US LLC acquired a new stake in Echostar during the 2nd quarter valued at $4,568,000. 33.62% of the stock is 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.