Viasat Inc. $VSAT Shares Newly Purchased by SummerHaven Investment Management LLC

Key Points

• SummerHaven Investment Management acquired 51,244 Viasat shares worth approximately $3.6 million in the third quarter, making VSAT its second-largest portfolio holding. Institutional investors collectively own 86.05% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $90.67, despite one sell rating.
• Viasat’s latest quarterly results exceeded EPS expectations but missed revenue estimates: adjusted EPS was $0.17 versus $0.10 expected, while revenue reached $1.16 billion and declined 1.2% year over year. Insiders have sold roughly $20.5 million in stock over the past 90 days.

SummerHaven Investment Management LLC acquired a new stake in shares of Viasat Inc. (NASDAQ:VSAT - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 51,244 shares of the communications equipment provider's stock, valued at approximately $3,607,000. Viasat comprises about 2.5% of SummerHaven Investment Management LLC's investment portfolio, making the stock its 2nd biggest position.

Other institutional investors also recently bought and sold shares of the company. Counterpoint Mutual Funds LLC bought a new stake in Viasat during the 3rd quarter valued at about $241,000. NorthCrest Asset Manangement LLC purchased a new position in Viasat in the third quarter worth about $237,000. GAMMA Investing LLC lifted its stake in shares of Viasat by 31.0% in the third quarter. GAMMA Investing LLC now owns 4,976 shares of the communications equipment provider's stock worth $350,000 after buying an additional 1,178 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Viasat by 133.8% in the third quarter. Farther Finance Advisors LLC now owns 2,747 shares of the communications equipment provider's stock worth $193,000 after buying an additional 1,572 shares in the last quarter. Finally, MRA Advisory Group lifted its stake in shares of Viasat by 163.4% in the third quarter. MRA Advisory Group now owns 16,052 shares of the communications equipment provider's stock worth $1,130,000 after buying an additional 9,959 shares in the last quarter. 86.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

VSAT has been the topic of a number of recent analyst reports. Oppenheimer began coverage on shares of Viasat in a report on Monday, June 29th. They set an "outperform" rating and a $140.00 price target on the stock. Zacks Research upgraded shares of Viasat from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. Needham & Company LLC upped their price objective on Viasat from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Morgan Stanley set a $95.00 price objective on Viasat in a research report on Monday, August 10th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Viasat in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $90.67.

Viasat Price Performance

NASDAQ VSAT opened at $58.83 on Friday. Viasat Inc. has a one year low of $29.13 and a one year high of $93.03. The stock has a 50-day moving average of $72.90 and a 200 day moving average of $70.13. The company has a market capitalization of $8.10 billion, a price-to-earnings ratio of -245.12 and a beta of 1.76. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.52 and a current ratio of 1.68.

Viasat (NASDAQ:VSAT - Get Free Report) last issued its earnings results on Tuesday, August 4th. The communications equipment provider reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.07. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.20 billion. Viasat had a positive return on equity of 1.44% and a negative net margin of 0.64%. Viasat's revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.17 EPS. On average, sell-side analysts forecast that Viasat Inc. will post -0.38 EPS for the current year.

Insider Activity

In related news, Director Richard A. Baldridge sold 223,542 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $80.62, for a total transaction of $18,021,956.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John P. Stenbit sold 705 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $66.75, for a total transaction of $47,058.75. Following the transaction, the director owned 545 shares in the company, valued at approximately $36,378.75. This trade represents a 56.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 257,656 shares of company stock worth $20,529,385. 1.40% of the stock is owned by corporate insiders.

Viasat Company Profile

Viasat, Inc is a communications company that provides satellite connectivity and related services to commercial, government and consumer customers. Its offerings include broadband internet, in-flight connectivity, maritime communications, enterprise networking and secure communications for government and defense applications.

The company operates a fleet of communications satellites and develops supporting ground infrastructure, network services and connectivity equipment. Viasat serves customers across North America, Europe, the Middle East, Africa, Asia-Pacific and other international markets, including airlines, shipping companies, businesses, government agencies and households in areas where terrestrial broadband is limited.

Viasat was founded in 1986 and is headquartered in Carlsbad, California.

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