Viasat Inc. $VSAT Position Trimmed by Baupost Group LLC MA

Key Points

• Baupost Group LLC has reduced its stake in Viasat Inc. by 16.6%, now holding approximately $106 million worth, making it the fund's 13th largest position.
• Several hedge funds have adjusted their positions in Viasat, with Vanguard Group increasing its holdings by 6.3%, while institutional investors collectively own 86.05% of the company's stock.
• Viasat recently reported better-than-expected earnings, with a revenue increase of 4.0% year-over-year, despite forecasting a negative earnings per share for the current fiscal year.

Baupost Group LLC MA reduced its position in shares of Viasat Inc. (NASDAQ:VSAT - Free Report) by 16.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,190,728 shares of the communications equipment provider's stock after selling 2,031,862 shares during the period. Viasat accounts for about 3.0% of Baupost Group LLC MA's investment portfolio, making the stock its 13th largest position. Baupost Group LLC MA owned about 7.89% of Viasat worth $106,187,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of VSAT. PNC Financial Services Group Inc. raised its holdings in Viasat by 233.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,177 shares of the communications equipment provider's stock valued at $33,000 after buying an additional 2,224 shares during the period. Meeder Asset Management Inc. acquired a new stake in Viasat in the first quarter valued at approximately $63,000. US Bancorp DE grew its position in Viasat by 46.4% in the first quarter. US Bancorp DE now owns 6,367 shares of the communications equipment provider's stock valued at $66,000 after acquiring an additional 2,019 shares in the last quarter. Wexford Capital LP acquired a new stake in Viasat in the fourth quarter valued at approximately $93,000. Finally, Teza Capital Management LLC acquired a new stake in Viasat in the fourth quarter valued at approximately $100,000. 86.05% of the stock is currently owned by hedge funds and other institutional investors.

Viasat Stock Performance

Shares of NASDAQ VSAT traded up $0.03 during midday trading on Thursday, reaching $32.53. 6,002,489 shares of the company traded hands, compared to its average volume of 3,660,085. The company has a debt-to-equity ratio of 1.42, a current ratio of 2.11 and a quick ratio of 1.87. The stock has a 50-day moving average price of $19.18 and a 200 day moving average price of $12.91. Viasat Inc. has a 52 week low of $6.69 and a 52 week high of $33.85. The company has a market cap of $4.37 billion, a price-to-earnings ratio of -7.04 and a beta of 1.20.

Viasat (NASDAQ:VSAT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The communications equipment provider reported $0.17 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $1.13 billion. During the same period in the prior year, the firm earned $0.30 earnings per share. The business's quarterly revenue was up 4.0% on a year-over-year basis. Sell-side analysts anticipate that Viasat Inc. will post -0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on VSAT. William Blair reaffirmed an "outperform" rating on shares of Viasat in a research report on Wednesday. Needham & Company LLC increased their price objective on shares of Viasat from $16.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. B. Riley lowered their price objective 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. JPMorgan Chase & Co. raised their price target on shares of Viasat from $10.00 to $23.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Finally, Wall Street Zen raised shares of Viasat from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 9th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Viasat presently has a consensus rating of "Hold" and an average target price of $21.13.

Viasat Profile

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.