Van ECK Associates Corp Boosts Holdings in Viasat Inc. $VSAT

Key Points

• Van ECK Associates increased its Viasat stake by 53.1% in the second quarter, purchasing 777,761 additional shares and bringing its holdings to 2.24 million shares valued at approximately $201.4 million. Institutional investors collectively own 86.05% of VSAT.
• Analysts maintain a generally positive outlook, with Viasat receiving a “Moderate Buy” consensus rating and an average price target of $90.67. Price targets range from $49 to $105.
• Viasat’s shares opened at $67.37, while the company’s latest quarterly results missed expectations, reporting a $0.02 per-share loss versus a projected $0.32 profit and revenue of $1.17 billion versus the $1.20 billion estimate.

Van ECK Associates Corp grew its position in shares of Viasat Inc. (NASDAQ:VSAT - Free Report) by 53.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,243,040 shares of the communications equipment provider's stock after buying an additional 777,761 shares during the quarter. Van ECK Associates Corp owned 1.63% of Viasat worth $201,447,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in VSAT. BlackRock Inc. acquired a new position in shares of Viasat during the second quarter worth about $1,863,374,000. Price T Rowe Associates Inc. MD raised its holdings in Viasat by 2,821.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,222,981 shares of the communications equipment provider's stock worth $111,065,000 after purchasing an additional 3,112,670 shares in the last quarter. Bank of America Corp DE acquired a new stake in Viasat in the second quarter valued at about $127,283,000. Millennium Management LLC lifted its position in Viasat by 673.7% in the first quarter. Millennium Management LLC now owns 1,386,089 shares of the communications equipment provider's stock valued at $14,443,000 after purchasing an additional 1,206,935 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in Viasat by 64.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,866,242 shares of the communications equipment provider's stock valued at $29,866,000 after purchasing an additional 1,128,338 shares in the last quarter. Institutional investors and hedge funds own 86.05% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on VSAT shares. Morgan Stanley set a $95.00 price target on Viasat in a report on Monday, August 10th. Needham & Company LLC increased their price target on shares of Viasat from $90.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Barclays set a $49.00 price objective on shares of Viasat in a research note on Friday, May 29th. Zacks Research raised shares of Viasat from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $97.00 target price on shares of Viasat in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Viasat has an average rating of "Moderate Buy" and an average price target of $90.67.

Viasat Stock Performance

Shares of VSAT stock opened at $67.37 on Friday. The stock has a fifty day moving average price of $75.32 and a 200 day moving average price of $64.28. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.52 and a current ratio of 1.68. The stock has a market cap of $9.28 billion, a PE ratio of -280.71 and a beta of 1.72. Viasat Inc. has a 1 year low of $26.10 and a 1 year high of $93.03.

Viasat (NASDAQ:VSAT - Get Free Report) last announced its quarterly earnings results on Thursday, May 28th. The communications equipment provider reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.34). The firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.20 billion. Viasat had a negative net margin of 0.64% and a positive return on equity of 1.44%. The company's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.02) EPS. Sell-side analysts forecast that Viasat Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Transactions at Viasat

In other Viasat news, CFO Garrett L. Chase sold 4,000 shares of the firm's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $74.90, for a total transaction of $299,600.00. Following the completion of the transaction, the chief financial officer directly owned 26,239 shares in the company, valued at approximately $1,965,301.10. This trade represents a 13.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Theresa Wise sold 2,500 shares of Viasat stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $84.69, for a total transaction of $211,725.00. Following the transaction, the director owned 11,000 shares of the company's stock, valued at approximately $931,590. The trade was a 18.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 675,861 shares of company stock worth $47,705,388 in the last 90 days. Insiders own 1.40% of the company's stock.

Viasat Company 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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