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EchoStar (Nasdaq: SATS), the satellite communications company that owns Dish Network and Boost Mobile, was the best performing large cap stock in August.

The stock price surged 90% in August alone, finishing the month at $61.79 per share. Most of that huge gain came on one day, August 26, when EchoStar stock skyrocketed about 75%.

The catalyst for the surge was a deal EchoStar made to sell some of its spectrum, or wireless airwaves, to AT&T for $23 billion. As part of the deal, Boost Mobile and AT&T created a hybrid network on which Boost Mobile service will continue to run.

The transaction did three things for EchoStar: satisfied concerns by the Federal Communications Commission (FCC) that it was essentially hoarding spectrum; provided an infusion of cash to pay down debt; and allowed it to continue to serve mobile customers on an enhanced hybrid network.

Wal Street analysts loved the move, with the stock receiving several price target upgrades. It has a median price target of $63 per share, which suggests a 2% increase over the current price. The stock is up a ridiculous 170% YTD. It has not been consistently profitable, but it has a reasonable price-to-sales ratio and a low price-to-book value. After this surge, it is rated a consensus hold.

Bloom Energy and Reddit rank second and third

Bloom Energy (NYSE: BE) was the second-best performer in August, returning about 41.6% for the month. Bloom Energy is a company that develops solid oxide fuel cell (SOFC) technology, which is used to generate clean electricity and green hydrogen. Its technology is widely used in manufacturing and at data centers, which have been booming.

Bloom Energy stock got a jolt after it issued strong earnings, boosting its stock price early in the month. It saw revenue climb 20% year-over-year and managed to reduce its net loss by limiting expenses. Bloom got several price target upgrades from analysts, post-earnings.

The stock is up 138% year-to-date, but it has an astronomical P/E ratio of 481 with a forward P/E of 96. Analysts have a median price target of $40 per share, which suggests the stock price could drop in the coming 12 months by 24%.

Social media company Reddit (NYSE: RDDT) was the third best large cap stock in August with a return of 40.2%.

Reddit had one of its best quarters since it became a public company last year. Its strong quarter saw revenue increase 78% and it posted net income of $78 million, up from a $10 million net loss in the same quarter a year ago. Further, it expects revenue to jump 7% in Q3 over Q2 levels.

Reddit stock is up about 38% YTD, and it also has a high P/E ratio of 100. Analysts rate it a buy, but it has a price target of $213, suggesting low growth over the next 12 months.

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