Echostar (NASDAQ:ECHO) Upgraded at JPMorgan Chase & Co.

Echostar (NASDAQ:ECHO) was upgraded by equities research analysts at JPMorgan Chase & Co. from an “underweight” rating to an “overweight” rating in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a $144.00 target price on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 66.67% from the company’s current price.

Several other brokerages have also commented on ECHO. Weiss Ratings reiterated a “sell (d-)” rating on shares of Echostar in a research note on Friday, October 2nd. TD Cowen reduced their price objective on shares of Echostar from $155.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Citigroup decreased their target price on shares of Echostar from $126.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, August 4th. Morgan Stanley reiterated an “overweight” rating and set a $134.00 price objective on shares of Echostar in a research note on Monday, September 14th. Finally, UBS Group raised Echostar from a “neutral” rating to a “buy” rating and upped their target price for the stock from $127.00 to $150.00 in a research report on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Echostar presently has an average rating of “Moderate Buy” and a consensus target price of $138.56.

Echostar Stock Down 0.5%

Shares of ECHO opened at $86.40 on Friday. Echostar has a fifty-two week low of $65.76 and a fifty-two week high of $147.25. The company has a debt-to-equity ratio of 1.13, a quick ratio of 5.12 and a current ratio of 5.20. The company has a fifty day moving average of $90.89. The firm has a market cap of $25.10 billion, a price-to-earnings ratio of -3.45 and a beta of 0.99.

Echostar (NASDAQ:ECHO) last issued its quarterly earnings results on Monday, August 3rd. The company reported $24.12 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $24.14. The firm had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.59 billion. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%. The company’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period last year, the company earned ($1.06) earnings per share. As a group, equities research analysts anticipate that Echostar will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Stephen J. Bye sold 8,508 shares of Echostar stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the completion of the sale, the director owned 653 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Also, Director William Wade sold 2,575 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $92.65, for a total value of $238,573.75. Following the completion of the sale, the director directly owned 2,749 shares of the company’s stock, valued at approximately $254,694.85. This trade represents a 48.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 13,508 shares of company stock worth $1,224,686 over the last ninety days. Insiders own 54.60% of the company’s stock.

Hedge Funds Weigh In On Echostar

Hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC acquired a new position in Echostar during the second quarter valued at approximately $159,344,000. Tema ETFs LLC raised its holdings in shares of Echostar by 83,917.0% in the 2nd quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock valued at $156,228,000 after purchasing an additional 1,537,359 shares during the period. Van ECK Associates Corp acquired a new stake in shares of Echostar in the second quarter valued at approximately $139,004,000. Bank of America Corp DE boosted its position in Echostar by 42.4% during the first quarter. Bank of America Corp DE now owns 1,069,301 shares of the company’s stock worth $125,183,000 after purchasing an additional 318,248 shares during the period. Finally, Atreides Management LP boosted its holdings in shares of Echostar by 11.0% during the first quarter. Atreides Management LP now owns 1,000,346 shares of the company’s stock worth $117,111,000 after acquiring an additional 99,262 shares during the period. 33.62% of the stock is currently owned by institutional investors.

About Echostar

EchoStar Corporation is a communications and technology company that provides connectivity services through wireless, satellite, and broadband networks. Its businesses include Boost Mobile, a wireless service provider offering mobile voice, data, and broadband services, as well as satellite communications and related connectivity solutions for consumers, businesses, and government customers.

The company also operates through Hughes, which provides satellite internet, managed network services, and other broadband solutions, particularly for customers in areas with limited access to terrestrial communications infrastructure.