Steamboat Capital Partners LLC Takes Position in Echostar CORP $ECHO

Steamboat Capital Partners LLC purchased a new stake in shares of Echostar CORP (NASDAQ:ECHO) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 39,551 shares of the company’s stock, valued at approximately $4,014,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ECHO. IFP Advisors Inc bought a new stake in Echostar during the 2nd quarter worth approximately $92,000. Allworth Financial LP purchased a new position in shares of Echostar during the 2nd quarter valued at $68,000. Arizona State Retirement System purchased a new position in shares of Echostar during the 2nd quarter valued at $3,782,000. Varde Management L.P. bought a new position in shares of Echostar in the second quarter worth $16,179,000. Finally, Nykredit A S bought a new position in shares of Echostar in the second quarter worth $4,295,000. 33.62% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Stephen Bye sold 8,508 shares of the firm’s 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 transaction, the director owned 653 shares in the company, valued at $58,658.99. This trade represents a 92.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $221,839.00. Following the sale, the director owned 324 shares in the company, 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. Insiders sold 13,508 shares of company stock valued at $1,224,686 over the last 90 days. 55.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on ECHO shares. New Street Research set a $165.00 price target on Echostar in a report on Monday, June 15th. TD Cowen cut their price objective on Echostar from $155.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. Weiss Ratings assumed coverage on shares of Echostar in a research report on Monday, July 6th. They issued a “sell (d-)” rating on the stock. Williams Trading set a $155.00 target price on shares of Echostar in a research note on Monday, May 18th. Finally, UBS Group upgraded shares of Echostar from a “neutral” rating to a “buy” rating and lifted their target price for the company from $127.00 to $150.00 in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $134.88.

Echostar Price Performance

ECHO opened at $93.42 on Wednesday. The stock’s 50 day moving average is $89.82. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13. Echostar CORP has a 1 year low of $65.76 and a 1 year high of $147.25. The company has a market cap of $27.14 billion, a price-to-earnings ratio of -3.75 and a beta of 1.00.

Echostar (NASDAQ:ECHO) last issued 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%. As a group, sell-side analysts anticipate that Echostar CORP will post -1.35 EPS for the current year.

Echostar 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.