Echostar (NASDAQ:ECHO) Posts Quarterly Earnings Results, Beats Expectations By $24.14 EPS

Echostar (NASDAQ:ECHO) announced its quarterly earnings data on Friday. The company reported $24.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $24.14, FiscalAI reports. The company had revenue of $3.58 billion during the quarter, compared to analyst estimates of $3.59 billion. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period in the previous year, the business earned ($1.06) EPS.

Echostar Stock Up 3.5%

Shares of ECHO opened at $90.04 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 0.27. Echostar has a one year low of $26.47 and a one year high of $147.25. The firm has a market capitalization of $26.16 billion, a P/E ratio of -3.61 and a beta of 1.03.

Insider Buying and Selling

In other Echostar news, CEO Hamid Akhavan sold 52,586 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 865,633 shares of the company’s stock, valued at approximately $104,741,593. This represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Echostar

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Northern Trust Corp lifted its stake in shares of Echostar by 1.3% in the 4th quarter. Northern Trust Corp now owns 1,767,338 shares of the company’s stock worth $192,110,000 after purchasing an additional 22,900 shares during the period. Marshall Wace LLP grew its position in Echostar by 104.0% during the fourth quarter. Marshall Wace LLP now owns 1,435,531 shares of the company’s stock valued at $156,042,000 after buying an additional 731,806 shares during the period. Invesco Ltd. grew its position in Echostar by 30.1% during the second quarter. Invesco Ltd. now owns 913,292 shares of the company’s stock valued at $25,298,000 after buying an additional 211,421 shares during the period. Stonehill Capital Management LLC increased its holdings in Echostar by 14.0% during the third quarter. Stonehill Capital Management LLC now owns 856,806 shares of the company’s stock valued at $65,426,000 after buying an additional 105,388 shares during the last quarter. Finally, Amundi purchased a new stake in Echostar during the fourth quarter valued at approximately $63,966,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. New Street Research set a $165.00 target price on Echostar in a report on Monday, June 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $137.00 price target on shares of Echostar in a report on Wednesday, July 15th. Citigroup dropped their price objective on Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday. Weiss Ratings initiated coverage on Echostar in a report on Monday, July 6th. They issued a “sell (d-)” rating for the company. Finally, TD Cowen decreased their target price on Echostar from $155.00 to $130.00 and set a “buy” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $132.00.

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.