Cove Street Capital LLC Decreases Stake in Viasat Inc. $VSAT

Key Points

• Cove Street Capital cut its Viasat stake by 54% in Q3 to 118,932 shares (about $3.49M), making Viasat its 4th largest holding at roughly 4.6% of the firm's portfolio and ~0.09% of Viasat outstanding.
• Insider selling: CEO Mark D. Dankberg sold 200,000 shares for about $7.02M, and insiders have sold 302,810 shares totaling ~$11.19M in the past 90 days, leaving insiders with 2.20% ownership.
• Analyst view: Ratings are mixed but tilted positive (six Buy, two Sell) with a consensus "Moderate Buy" target of $45.86 while the stock trades near $46.14 (market cap ≈ $6.27B).

Cove Street Capital LLC trimmed its stake in shares of Viasat Inc. (NASDAQ:VSAT - Free Report) by 54.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,932 shares of the communications equipment provider's stock after selling 139,853 shares during the quarter. Viasat makes up about 4.6% of Cove Street Capital LLC's portfolio, making the stock its 4th largest holding. Cove Street Capital LLC owned about 0.09% of Viasat worth $3,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Quent Capital LLC bought a new stake in shares of Viasat during the third quarter worth $25,000. Salomon & Ludwin LLC bought a new position in shares of Viasat in the 3rd quarter valued at $28,000. Hantz Financial Services Inc. lifted its stake in shares of Viasat by 6,815.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 899 shares of the communications equipment provider's stock valued at $26,000 after acquiring an additional 886 shares during the last quarter. Activest Wealth Management acquired a new stake in shares of Viasat during the 3rd quarter valued at $44,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Viasat by 15.9% during the 3rd quarter. GAMMA Investing LLC now owns 2,387 shares of the communications equipment provider's stock valued at $70,000 after acquiring an additional 327 shares in the last quarter. Institutional investors own 86.05% of the company's stock.

Viasat Stock Down 0.8%

Shares of NASDAQ:VSAT opened at $46.14 on Friday. The stock has a market cap of $6.27 billion, a price-to-earnings ratio of -17.81 and a beta of 1.44. The business's 50 day moving average is $44.50 and its 200 day moving average is $37.64. Viasat Inc. has a 12-month low of $7.36 and a 12-month high of $50.24. The company has a quick ratio of 1.90, a current ratio of 2.13 and a debt-to-equity ratio of 1.35.

Analyst Ratings Changes

VSAT has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised Viasat from a "hold" rating to a "buy" rating and upped their target price for the stock from $36.00 to $48.00 in a report on Friday, February 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Viasat in a research note on Wednesday, January 21st. Morgan Stanley set a $51.00 target price on shares of Viasat in a research report on Friday, January 16th. Needham & Company LLC reissued a "buy" rating and set a $45.00 target price on shares of Viasat in a report on Wednesday, January 21st. Finally, William Blair restated an "outperform" rating on shares of Viasat in a research report on Tuesday, January 13th. Six research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $45.86.

Insider Buying and Selling

In other news, CEO Mark D. Dankberg sold 200,000 shares of the company's stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $35.09, for a total value of $7,018,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,534,993 shares of the company's stock, valued at $53,862,904.37. This represents a 11.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Camellia E. Fitzgerald sold 2,810 shares of Viasat stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $48.00, for a total value of $134,880.00. Following the sale, the chief accounting officer owned 9,946 shares in the company, valued at $477,408. This trade represents a 22.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 302,810 shares of company stock worth $11,186,880 in the last 90 days. Company insiders own 2.20% of the company's stock.

Viasat Profile

Viasat, Inc NASDAQ: VSAT provides high‐capacity satellite broadband and wireless communications services to consumer, commercial and government customers worldwide. The company designs and operates satellite systems and network infrastructure to deliver secure, high-speed connectivity across remote and underserved regions, as well as managed networking solutions for enterprises and public sector agencies.

Viasat's product offerings include residential and enterprise satellite internet services, in-flight connectivity for commercial airlines and business jets, and secure networking platforms tailored to defense and intelligence users.

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