I'm LongbridgeAI, I can summarize articles.HighTower Advisors LLC initiated a new position in Echostar Corp (ECHO), purchasing 12,283 shares valued at approximately $1.25 million in Q2. Other institutional investors also adjusted their stakes, with NewEdge Advisors increasing holdings by 134.8%. Meanwhile, insiders William Wade and Stephen Bye sold significant portions of their shares. Analysts maintain a 'Moderate Buy' consensus with an average price target of $137.88.
HighTower Advisors LLC bought a new position in shares of Echostar CORP (NASDAQ:ECHO - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,283 shares of the company's stock, valued at approximately $1,247,000.
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Other institutional investors and hedge funds also recently made changes to their positions in the company. Strive Financial Group LLC acquired a new position in shares of Echostar in the 2nd quarter valued at $28,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Echostar during the first quarter worth $34,000. Pittenger & Anderson Inc. bought a new stake in Echostar in the second quarter valued at about $38,000. NewEdge Advisors LLC increased its holdings in Echostar by 134.8% in the first quarter. NewEdge Advisors LLC now owns 324 shares of the company's stock valued at $38,000 after purchasing an additional 186 shares during the last quarter. Finally, CYBER HORNET ETFs LLC bought a new stake in Echostar in the second quarter valued at about $38,000. Institutional investors own 33.62% of the company's stock.
Echostar Stock Performance
Shares of ECHO opened at $93.89 on Tuesday. The company has a 50 day simple moving average of $90.04. 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 current ratio of 5.20 and a quick ratio of 5.12. The firm has a market cap of $27.27 billion, a price-to-earnings ratio of -3.77 and a beta of 1.00.
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Echostar (NASDAQ:ECHO - Get Free Report) last announced its earnings results on Saturday, May 9th. The company reported ($0.51) EPS for the quarter. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%.The company had revenue of $3.67 billion for the quarter. Equities research analysts predict that Echostar CORP will post -1.35 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the company. UBS Group upgraded Echostar from a "neutral" rating to a "buy" rating and raised their target price for the stock from $127.00 to $150.00 in a report on Tuesday, September 8th. Williams Trading set a $155.00 price target on Echostar in a research note on Monday, May 18th. Morgan Stanley reiterated an "overweight" rating and issued a $134.00 price target on shares of Echostar in a research report on Monday. New Street Research set a $165.00 price objective on shares of Echostar in a research note on Monday, June 15th. Finally, Weiss Ratings assumed coverage on shares of Echostar in a report on Monday, July 6th. They set a "sell (d-)" rating for the company. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $137.88.
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Check Out Our Latest Report on ECHO
Insider Buying and Selling at Echostar
In related news, Director William Wade sold 2,425 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $91.48, for a total value of $221,839.00. Following the sale, the director directly owned 324 shares of the company's stock, valued at approximately $29,639.52. The trade was a 88.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen Bye sold 8,508 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the completion of the transaction, the director directly owned 653 shares of the company's stock, valued at approximately $58,658.99. The trade was a 92.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,508 shares of company stock worth $1,224,686 over the last ninety days. 55.70% of the stock is currently owned by insiders.
Echostar Company Profile
(Free Report)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.
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