Mirae Asset Global Investments Co. Ltd. Makes New Investment in Echostar CORP $ECHO

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Echostar CORP (NASDAQ:ECHO) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 718,122 shares of the company’s stock, valued at approximately $64,207,000.

Other large investors have also recently made changes to their positions in the company. Vise Technologies Inc. lifted its holdings in Echostar by 17.4% during the 3rd quarter. Vise Technologies Inc. now owns 5,098 shares of the company’s stock valued at $456,000 after buying an additional 754 shares in the last quarter. MGO One Seven LLC boosted its position in Echostar by 5.5% in the 3rd quarter. MGO One Seven LLC now owns 5,376 shares of the company’s stock valued at $481,000 after buying an additional 282 shares during the period. Hanseatic Management Services Inc. boosted its position in Echostar by 1.7% in the 3rd quarter. Hanseatic Management Services Inc. now owns 9,383 shares of the company’s stock valued at $839,000 after buying an additional 158 shares during the period. North Dakota State Investment Board boosted its position in Echostar by 3.9% in the 3rd quarter. North Dakota State Investment Board now owns 4,206 shares of the company’s stock valued at $376,000 after buying an additional 158 shares during the period. Finally, Asset Management One Co. Ltd. grew its stake in Echostar by 3.8% in the 3rd quarter. Asset Management One Co. Ltd. now owns 63,367 shares of the company’s stock worth $5,666,000 after acquiring an additional 2,305 shares in the last quarter. 33.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ECHO shares. UBS Group raised shares of Echostar from a “neutral” rating to a “buy” rating and lifted their price target for the company from $127.00 to $150.00 in a research note on Tuesday, September 8th. Raymond James Financial raised Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective on the stock in a research note on Friday, July 17th. Citigroup reduced their price objective on Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th. Morgan Stanley began coverage on Echostar in a research report on Monday, September 14th. They set an “overweight” rating and a $134.00 target price for the company. Finally, TD Cowen lowered their target price on Echostar from $155.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $138.56.

Insider Buying and Selling at Echostar

In other news, Director William Wade sold 2,425 shares of the business’s stock in a transaction 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 directly owned 324 shares of the company’s stock, valued at approximately $29,639.52. The trade was a 88.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephen J. Bye sold 8,508 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $89.83, for a total value of $764,273.64. Following the sale, the director directly owned 653 shares in the company, valued at approximately $58,658.99. The trade was a 92.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,508 shares of company stock worth $1,224,686 in the last ninety days. Insiders own 54.60% of the company’s stock.

Echostar Stock Performance

NASDAQ ECHO opened at $96.94 on Monday. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13. The company’s 50 day simple moving average is $90.95. Echostar CORP has a 52-week low of $65.76 and a 52-week high of $147.25. The company has a market capitalization of $28.16 billion, a P/E ratio of -3.89 and a beta of 1.06.

Echostar (NASDAQ:ECHO) last issued its quarterly earnings data on Monday, August 3rd. The company reported $24.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $24.14. The company had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.59 billion. Echostar had a negative net margin of 38.71% and a negative return on equity of 1.28%. Echostar’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.06) earnings per share. On average, analysts forecast that Echostar CORP will post -0.27 earnings per share for the current fiscal year.

About Echostar

EchoStar Corporation is a global provider of satellite communications, broadband connectivity and wireless services. The company operates through businesses that serve consumers, enterprises, governments and other organizations with connectivity solutions delivered through satellite, wireless and terrestrial networks.

EchoStar’s portfolio includes Hughes, which provides satellite and managed broadband services, as well as satellite television and wireless communications businesses associated with the DISH Network combination completed in 2024.