Pekin Hardy Strauss Inc. Invests $6.34 Million in Echostar CORP $ECHO

Pekin Hardy Strauss Inc. purchased a new position in shares of Echostar CORP (NASDAQ:ECHO) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 62,510 shares of the company’s stock, valued at approximately $6,345,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new stake in Echostar during the fourth quarter worth $26,000. SOA Wealth Advisors LLC. bought a new position in shares of Echostar in the 1st quarter valued at $34,000. NewEdge Advisors LLC increased its stake in shares of Echostar by 134.8% in the 1st 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. JTC Employer Solutions Trustee Ltd acquired a new position in shares of Echostar during the 1st quarter worth $39,000. Finally, Pittenger & Anderson Inc. acquired a new position in shares of Echostar during the 2nd quarter worth $38,000. 33.62% of the stock is owned by institutional investors.

Echostar Trading Up 0.2%

Shares of ECHO opened at $91.89 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 5.20 and a quick ratio of 5.12. Echostar CORP has a 52 week low of $26.52 and a 52 week high of $147.25. The firm has a market capitalization of $26.69 billion, a PE ratio of -3.69 and a beta of 1.03.

Echostar (NASDAQ:ECHO) last issued its quarterly earnings data on Saturday, May 9th. The company reported ($0.51) earnings per share for the quarter. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%.The firm had revenue of $3.67 billion for the quarter. Sell-side analysts predict that Echostar CORP will post -1.35 earnings per share for the current fiscal year.

Insider Activity

In other news, Director William David Wade sold 2,425 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was 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 of the company’s stock, valued at $29,639.52. This represents a 88.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Hamid Akhavan sold 52,586 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $121.00, for a total transaction of $6,362,906.00. Following the completion of the transaction, the chief executive officer owned 865,633 shares of the company’s stock, valued at approximately $104,741,593. This trade represents a 5.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 66,094 shares of company stock valued at $7,587,592. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ECHO has been the topic of several research analyst reports. Weiss Ratings began coverage on Echostar in a research note on Monday, July 6th. They issued a “sell (d-)” rating on the stock. New Street Research set a $165.00 target price on Echostar in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $137.00 target price on shares of Echostar in a report on Wednesday, July 15th. Williams Trading set a $155.00 price target on shares of Echostar in a research note on Monday, May 18th. Finally, Raymond James Financial raised 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 report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.