BlackRock Inc. Invests $9.89 Million in KVH Industries, Inc. $KVHI

Key Points

• BlackRock acquired 998,049 KVH Industries shares worth approximately $9.89 million, giving it a 5.12% stake. Institutional investors collectively own 73.66% of the company.
• KVH reported quarterly revenue of $33.72 million, roughly in line with expectations, but earnings of $0.01 per share missed the $0.04 consensus estimate. The company posted a negative net margin of 4.68%.
• KVHI shares opened at $7.21, well below their 52-week high of $13.00, while analysts maintained a generally negative outlook, with the stock carrying an average “Sell” rating.

BlackRock Inc. purchased a new stake in KVH Industries, Inc. (NASDAQ:KVHI - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 998,049 shares of the communications equipment provider's stock, valued at approximately $9,891,000. BlackRock Inc. owned about 5.12% of KVH Industries at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Tema ETFs LLC increased its position in KVH Industries by 46,351.7% during the second quarter. Tema ETFs LLC now owns 546,272 shares of the communications equipment provider's stock valued at $5,414,000 after acquiring an additional 545,096 shares during the last quarter. Potomac Capital Management Inc. bought a new stake in KVH Industries during the 4th quarter valued at about $3,252,000. Renaissance Technologies LLC boosted its holdings in shares of KVH Industries by 22.0% in the first quarter. Renaissance Technologies LLC now owns 345,515 shares of the communications equipment provider's stock valued at $3,096,000 after purchasing an additional 62,407 shares during the period. Geode Capital Management LLC grew its position in shares of KVH Industries by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 160,108 shares of the communications equipment provider's stock worth $1,116,000 after buying an additional 7,474 shares in the last quarter. Finally, Mink Brook Asset Management LLC grew its holdings in KVH Industries by 84.5% during the 2nd quarter. Mink Brook Asset Management LLC now owns 153,683 shares of the communications equipment provider's stock worth $819,000 after acquiring an additional 70,382 shares in the last quarter. Hedge funds and other institutional investors own 73.66% of the company's stock.

KVH Industries Stock Performance

Shares of KVHI stock opened at $7.21 on Friday. KVH Industries, Inc. has a fifty-two week low of $5.09 and a fifty-two week high of $13.00. The company has a 50 day moving average price of $8.50 and a 200 day moving average price of $8.66. The stock has a market capitalization of $130.79 million, a P/E ratio of -24.03 and a beta of 0.43.

KVH Industries (NASDAQ:KVHI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The communications equipment provider reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). KVH Industries had a negative net margin of 4.68% and a negative return on equity of 0.76%. The business had revenue of $33.72 million during the quarter, compared to analysts' expectations of $33.70 million.

Analysts Set New Price Targets

KVHI has been the topic of several analyst reports. Wall Street Zen lowered KVH Industries from a "buy" rating to a "hold" rating in a research note on Saturday, June 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of KVH Industries in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, KVH Industries has an average rating of "Sell".

KVH Industries Company Profile

KVH Industries, Inc develops and manufactures mobile connectivity, inertial navigation, and stabilization systems for maritime, land mobile and defense markets. Its Satellite Communications Group delivers a range of mobile VSAT and broadband systems under the TracPhone and TracNet brands, offering high-speed data, voice and TV programming for commercial and leisure vessels. The company pairs its hardware offerings with the OneCare global network and service platform, providing 24/7 support and coverage across major satellite constellations.

The Inertial Systems Group at KVH produces fiber-optic and hemispherical resonator gyros, inertial measurement units (IMUs) and related inertial navigation products for aerospace, unmanned platforms and precision stabilization applications.

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