Quantitative Investment Management LLC Takes $1.54 Million Position in Echostar CORP $ECHO

Quantitative Investment Management LLC purchased a new position in Echostar CORP (NASDAQ:ECHO) during the second quarter, HoldingsChannel reports. The firm purchased 15,191 shares of the company’s stock, valued at approximately $1,541,000.

Other hedge funds also recently bought and sold shares of the company. Sachem Head Capital Management LP purchased a new position in shares of Echostar in the fourth quarter worth approximately $568,218,000. Norges Bank purchased a new stake in Echostar during the fourth quarter valued at approximately $182,111,000. Tema ETFs LLC increased its holdings in Echostar by 83,917.0% during 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 during the last quarter. Van ECK Associates Corp bought a new position in Echostar in the second quarter worth approximately $139,004,000. Finally, 140 Summer Partners LP bought a new position in Echostar in the fourth quarter worth approximately $99,678,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ECHO. Citigroup cut 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. TD Cowen decreased their target price on Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. Wall Street Zen upgraded Echostar from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings started coverage on Echostar in a report on Monday, July 6th. They set a “sell (d-)” rating for the company. Finally, Williams Trading set a $155.00 price target on Echostar in a research report on Monday, May 18th. One 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $132.00.

Insiders Place Their Bets

In other news, Director Stephen J. Bye sold 8,508 shares of the business’s 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 $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William David Wade sold 2,425 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $91.48, for a total value of $221,839.00. Following the completion of the transaction, the director directly owned 324 shares of the company’s stock, valued at approximately $29,639.52. This trade represents a 88.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 66,094 shares of company stock worth $7,587,592. Corporate insiders own 55.70% of the company’s stock.

Echostar Trading Down 0.5%

ECHO opened at $86.44 on Tuesday. The company has a market capitalization of $25.11 billion, a price-to-earnings ratio of -3.47 and a beta of 1.03. Echostar CORP has a 1-year low of $56.26 and a 1-year high of $147.25. 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 (NASDAQ:ECHO) last announced its quarterly earnings data on Saturday, May 9th. The company reported ($0.51) EPS for the quarter. The firm had revenue of $3.67 billion for the quarter. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. On average, equities research analysts expect that Echostar CORP will post -1.35 EPS for the current year.

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.