Engineers Gate Manager LP Buys New Position in Echostar CORP $ECHO

Engineers Gate Manager LP bought a new stake in shares of Echostar CORP (NASDAQ:ECHO) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 70,586 shares of the company’s stock, valued at approximately $7,164,000.

Several other institutional investors have also added to or reduced their stakes in the business. AQR Capital Management LLC lifted its position in Echostar by 6.0% during the first quarter. AQR Capital Management LLC now owns 26,805 shares of the company’s stock valued at $672,000 after purchasing an additional 1,511 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Echostar by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,482 shares of the company’s stock worth $1,854,000 after acquiring an additional 3,199 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Echostar by 8.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 331,476 shares of the company’s stock worth $8,479,000 after acquiring an additional 24,749 shares during the period. Strs Ohio purchased a new position in Echostar during the first quarter valued at approximately $128,000. Finally, Hsbc Holdings PLC lifted its holdings in Echostar by 18.6% during the second quarter. Hsbc Holdings PLC now owns 13,528 shares of the company’s stock valued at $377,000 after purchasing an additional 2,119 shares in the last quarter. 33.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group upgraded shares of Echostar from a “neutral” rating to a “buy” rating and raised their price objective for the company from $127.00 to $150.00 in a research report on Tuesday. Williams Trading set a $155.00 price target on Echostar in a report on Monday, May 18th. TD Cowen lowered their price objective on Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a research report on Tuesday, August 4th. New Street Research set a $165.00 price objective on Echostar in a research note on Monday, June 15th. Finally, Citigroup cut their target price on Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Echostar presently has a consensus rating of “Moderate Buy” and an average price target of $134.88.

Echostar Stock Up 1.4%

Shares of ECHO stock opened at $93.14 on Friday. The stock has a market cap of $27.06 billion, a PE ratio of -3.74 and a beta of 1.00. Echostar CORP has a 52 week low of $65.76 and a 52 week high of $147.25. The company has a debt-to-equity ratio of 1.13, a quick ratio of 5.12 and a current ratio of 5.20. The business has a fifty day moving average of $89.96.

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

Insider Activity at Echostar

In other Echostar news, Director William Wade sold 2,575 shares of the firm’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 completion of the transaction, the director owned 2,749 shares in the company, 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 through this link. Also, Director Stephen Bye sold 8,508 shares of Echostar stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $89.83, for a total value of $764,273.64. Following the completion of the sale, the director directly owned 653 shares in the company, valued at approximately $58,658.99. The trade was a 92.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,508 shares of company stock valued at $1,224,686 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Echostar Profile

EchoStar Corporation is a global communications and technology company that provides satellite, broadband, and wireless connectivity services. Its operations include satellite communications, broadband internet, enterprise networking, and related technology solutions for consumers, businesses, and government customers.

Through its Hughes business, EchoStar provides satellite-based broadband services under the HughesNet brand, as well as managed network services, equipment, and connectivity solutions for residential and commercial users.