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

Echostar (NASDAQ:ECHO) released its quarterly earnings results on Monday. The company reported $24.12 EPS for the quarter, beating the consensus estimate of ($0.02) by $24.14, FiscalAI reports. Echostar had a negative net margin of 97.56% and a negative return on equity of 4.80%. The firm had revenue of $3.58 billion for the quarter, compared to analyst estimates of $3.59 billion.

Echostar Stock Performance

Echostar stock opened at $84.09 on Monday. Echostar has a fifty-two week low of $26.04 and a fifty-two week high of $147.25. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.30 and a quick ratio of 0.27. The company has a market capitalization of $24.37 billion, a P/E ratio of -1.68 and a beta of 1.03.

Insider Transactions at Echostar

In other Echostar news, CEO Hamid Akhavan sold 52,586 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the transaction, the chief executive officer directly owned 865,633 shares in the company, valued at $104,741,593. This represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 55.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Echostar

Several institutional investors and hedge funds have recently modified their holdings of ECHO. Hollencrest Capital Management acquired a new position in Echostar during the 4th quarter worth about $26,000. Caitong International Asset Management Co. Ltd acquired a new position in Echostar in the 3rd quarter valued at about $38,000. Kemnay Advisory Services Inc. purchased a new stake in Echostar during the fourth quarter worth about $53,000. Kestra Advisory Services LLC purchased a new stake in Echostar during the fourth quarter worth about $61,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Echostar during the second quarter worth about $73,000. Hedge funds and other institutional investors own 33.62% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on ECHO shares. Williams Trading set a $155.00 price objective on Echostar in a research report on Monday, May 18th. Wall Street Zen raised Echostar from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings began coverage on Echostar in a report on Monday, July 6th. They set a “sell (d-)” rating for the company. New Street Research set a $165.00 price objective on Echostar in a research report on Monday, June 15th. Finally, TD Cowen boosted their price objective on shares of Echostar from $129.00 to $155.00 and gave the company a “buy” rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Echostar currently has an average rating of “Moderate Buy” and an average target price of $136.25.

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.