Citigroup Inc. Has $8.02 Million Position in Viasat Inc. $VSAT

Key Points

• Citigroup Inc. significantly increased its stake in Viasat Inc. by 417% during the first quarter, acquiring 620,947 additional shares for a total of 769,857 shares valued at approximately $8.02 million.
• Other institutional investors have also raised their stakes in Viasat, leading to institutional ownership of over 86% of the company's stock.
• In its recent quarterly earnings, Viasat reported an earnings per share of $0.17, exceeding estimates by $0.32, alongside a revenue of $1.17 billion, showing a 4% increase from the previous year.

Citigroup Inc. boosted its stake in Viasat Inc. (NASDAQ:VSAT - Free Report) by 417.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 769,857 shares of the communications equipment provider's stock after buying an additional 620,947 shares during the period. Citigroup Inc. owned 0.60% of Viasat worth $8,022,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in VSAT. Wells Fargo & Company MN increased its position in Viasat by 11.4% in the fourth quarter. Wells Fargo & Company MN now owns 135,732 shares of the communications equipment provider's stock worth $1,155,000 after buying an additional 13,843 shares during the period. Federated Hermes Inc. acquired a new stake in Viasat in the fourth quarter worth $42,000. Invesco Ltd. increased its position in Viasat by 46.8% in the fourth quarter. Invesco Ltd. now owns 2,093,740 shares of the communications equipment provider's stock worth $17,818,000 after buying an additional 667,564 shares during the period. Legal & General Group Plc increased its position in Viasat by 2.0% in the fourth quarter. Legal & General Group Plc now owns 246,044 shares of the communications equipment provider's stock worth $2,094,000 after buying an additional 4,721 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Viasat in the fourth quarter worth $159,000. 86.05% of the stock is owned by institutional investors and hedge funds.

Viasat Trading Down 0.8%

Shares of VSAT traded down $0.2120 during midday trading on Wednesday, hitting $25.8680. The stock had a trading volume of 924,813 shares, compared to its average volume of 3,582,393. Viasat Inc. has a fifty-two week low of $6.69 and a fifty-two week high of $28.59. The business has a 50-day simple moving average of $17.23 and a two-hundred day simple moving average of $12.14. The firm has a market cap of $3.47 billion, a P/E ratio of -5.61 and a beta of 1.20. The company has a current ratio of 2.11, a quick ratio of 1.87 and a debt-to-equity ratio of 1.42.

Viasat (NASDAQ:VSAT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The communications equipment provider reported $0.17 EPS for the quarter, topping the consensus estimate of ($0.15) by $0.32. Viasat had a negative net margin of 13.11% and a negative return on equity of 6.37%. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.13 billion. During the same period last year, the company posted $0.30 earnings per share. The business's revenue for the quarter was up 4.0% on a year-over-year basis. As a group, equities analysts forecast that Viasat Inc. will post -0.54 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. increased their target price on Viasat from $10.00 to $23.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of Viasat in a report on Thursday, August 7th. Wall Street Zen upgraded shares of Viasat from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 9th. B. Riley decreased their target price on shares of Viasat from $56.00 to $52.00 and set a "buy" rating for the company in a research report on Tuesday, May 27th. Finally, William Blair upgraded shares of Viasat from a "market perform" rating to an "outperform" rating in a research report on Monday, August 4th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $21.13.

About Viasat

Viasat, Inc provides broadband and communications products and services worldwide. The company's Satellite Services segment offers satellite-based fixed broadband services, including broadband internet access and voice over internet protocol services to consumers and businesses; in-flight entertainment and aviation software services to commercial airlines and private business jets; satellite-based connectivity services; mobile broadband services, including satellite-based internet services to energy offshore vessels, cruise ships, consumer ferries, and yachts; and energy services, which include ultra-secure solutions IP connectivity, bandwidth-optimized over-the-top applications, industrial internet-of-things big data enablement, and industry-leading machine learning analytics.