Daiwa Securities Group Inc. Acquires New Stake in Echostar CORP $ECHO

Daiwa Securities Group Inc. purchased a new position in shares of Echostar CORP (NASDAQ:ECHO) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 26,688 shares of the company’s stock, valued at approximately $2,709,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ECHO. State of Michigan Retirement System purchased a new position in shares of Echostar during the 2nd quarter worth $3,380,000. Pekin Hardy Strauss Inc. purchased a new position in Echostar during the second quarter worth about $6,345,000. Bridgelight Financial Advisors Inc. acquired a new stake in Echostar in the 2nd quarter worth about $243,000. Pictet Asset Management Holding SA acquired a new stake in Echostar in the 2nd quarter worth about $6,414,000. Finally, Ascentis Wealth Management LLC purchased a new stake in Echostar in the 2nd quarter valued at about $335,000. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ECHO has been the topic of several recent analyst reports. New Street Research set a $165.00 price objective on shares of Echostar in a report on Monday, June 15th. Raymond James Financial upgraded shares of Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price target on the stock in a report on Friday, July 17th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $137.00 price objective on shares of Echostar in a report on Wednesday, July 15th. Wall Street Zen raised Echostar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Citigroup dropped their price objective on shares of Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday, August 4th. One 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.00.

Echostar Stock Performance

Shares of NASDAQ:ECHO opened at $91.89 on Friday. The firm has a market capitalization of $26.69 billion, a P/E ratio of -3.69 and a beta of 1.03. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. Echostar CORP has a 12-month low of $26.52 and a 12-month high of $147.25.

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

Insider Buying and Selling

In other Echostar news, Director William David Wade sold 2,575 shares of the 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 transaction, the director owned 2,749 shares of the company’s stock, valued at $254,694.85. This trade represents a 48.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hamid Akhavan sold 52,586 shares of Echostar stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $121.00, for a total value of $6,362,906.00. Following the completion of the transaction, the chief executive officer owned 865,633 shares of the company’s stock, valued at approximately $104,741,593. The trade was a 5.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 66,094 shares of company stock worth $7,587,592. Corporate insiders own 2.00% of the company’s stock.

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.