Echostar CORP $ECHO Shares Sold by State of Wyoming

State of Wyoming lowered its holdings in Echostar CORP (NASDAQ:ECHO) by 92.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,431 shares of the company’s stock after selling 30,796 shares during the period. State of Wyoming’s holdings in Echostar were worth $217,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Fortitude Family Office LLC acquired a new position in shares of Echostar during the third quarter worth approximately $25,000. Strive Financial Group LLC acquired a new stake in shares of Echostar in the second quarter worth $28,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Echostar in the first quarter worth $34,000. NewEdge Advisors LLC grew its stake in shares of Echostar by 134.8% in the first quarter. NewEdge Advisors LLC now owns 324 shares of the company’s stock worth $38,000 after acquiring an additional 186 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd bought a new position in Echostar during the first quarter worth $39,000. 33.62% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $137.00 target price on shares of Echostar in a research note on Wednesday, July 15th. Zacks Research raised shares of Echostar from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. 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 research report on Friday, July 17th. Citigroup dropped their price objective on shares of Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. Finally, Morgan Stanley cut their price objective on shares of Echostar from $134.00 to $132.00 and set an “overweight” rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $139.44.

Insider Transactions at Echostar

In other news, Director William Wade sold 2,425 shares of the 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 completion of the transaction, the director owned 324 shares in the company, valued at approximately $29,639.52. This represents a 88.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 54.60% of the stock is owned by company insiders.

Echostar Trading Up 5.2%

Shares of NASDAQ ECHO opened at $94.62 on Friday. The company has a fifty day moving average price of $92.00. The company has a quick ratio of 5.12, a current ratio of 10.16 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $27.49 billion, a price-to-earnings ratio of 3.45 and a beta of 1.06. Echostar CORP has a one year low of $65.76 and a one year high of $147.25.

Echostar (NASDAQ:ECHO) last issued its earnings results on Tuesday, November 3rd. The company reported $7.97 EPS for the quarter, topping the consensus estimate of $3.07 by $4.90. Echostar had a return on equity of 22.85% and a net margin of 81.29%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $3.00 million. On average, research analysts anticipate that Echostar CORP will post -0.13 earnings per share for the current fiscal year.

Echostar Company Profile

EchoStar Corporation is a communications and connectivity company whose businesses span satellite broadband, enterprise and government communications, pay-TV and wireless services. Its offerings include satellite-based internet and network solutions through Hughes Network Systems, along with consumer and business connectivity services.

The company also provides video entertainment through DISH TV and Sling TV, and wireless services under the Boost Mobile brand. EchoStar serves customers in the United States and, through its satellite and communications operations, in international markets.

Founded by Charlie Ergen in 1980, EchoStar initially focused on satellite technology and services.