Viasat (NASDAQ:VSAT) Stock Crosses Below Two Hundred Day Moving Average After Insider Selling

Key Points

• Viasat shares fell below their 200-day moving average, trading as low as $57.38 and last at $59.38, versus a 200-day average of $64.15.
• SVP Craig Miller sold 22,500 shares for about $1.58 million, reducing his direct holding by 35.12%; the filing did not state a reason for the sale.
• Quarterly results were mixed: adjusted loss per share of $0.32 beat estimates, and revenue grew 3.4% year over year, but revenue missed forecasts and the net loss widened. Analysts’ consensus rating was “Moderate Buy,” with a $90.67 average price target.

Shares of Viasat Inc. (NASDAQ:VSAT - Get Free Report) passed below its 200-day moving average during trading on Thursday after an insider sold shares in the company. The stock has a 200-day moving average of $64.15 and traded as low as $57.38. Viasat shares last traded at $59.38, with a volume of 4,284,651 shares traded.

Specifically, SVP Craig Miller sold 22,500 shares of the company's stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $70.19, for a total value of $1,579,275.00. Following the sale, the senior vice president owned 41,570 shares in the company, valued at $2,917,798.30. This represents a 35.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on VSAT. Needham & Company LLC lifted their price target on Viasat from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Viasat in a research report on Thursday, October 15th. Wall Street Zen lowered Viasat from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Morgan Stanley set a $95.00 price objective on shares of Viasat in a research note on Monday, August 10th. Finally, Zacks Research raised shares of Viasat from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Viasat has a consensus rating of "Moderate Buy" and a consensus target price of $90.67.

Key Stories Impacting Viasat

Here are the key news stories impacting Viasat this week:

• Positive Sentiment: Viasat reported an adjusted loss of $0.32 per share, narrower than analysts’ expected $0.42 loss. Revenue also increased 3.4% year over year. Earnings report
• Neutral Sentiment: Senior Vice President Craig Miller disclosed selling 22,500 shares for about $1.58 million, reducing his direct holding by 35.12%. The filing does not establish a reason for the sale. SEC filing
• Negative Sentiment: Fiscal Q2 revenue was $1.18 billion, below the $1.20 billion FactSet estimate, while the company’s net loss widened. The loss per share also compared unfavorably with earnings of $0.09 in the year-ago quarter, raising concerns despite the adjusted EPS beat. Viasat Q2 results Revenue estimate comparison

Viasat Stock Performance

The firm's 50 day moving average price is $69.95 and its 200-day moving average price is $64.15. 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 firm has a market capitalization of $8.18 billion, a PE ratio of -247.42 and a beta of 1.76.

Viasat (NASDAQ:VSAT - Get Free Report) last posted its earnings results on Thursday, November 5th. The communications equipment provider reported ($0.32) EPS for the quarter, beating analysts' consensus estimates of ($0.42) by $0.10. Viasat had a positive return on equity of 1.44% and a negative net margin of 0.64%. During the same quarter in the previous year, the firm posted $0.09 EPS. Viasat's revenue was up 3.4% compared to the same quarter last year. On average, research analysts expect that Viasat Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On Viasat

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Viasat during the 2nd quarter worth $1,863,374,000. Dimensional Fund Advisors LP boosted its position in shares of Viasat by 18.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,789,539 shares of the communications equipment provider's stock valued at $219,346,000 after acquiring an additional 738,656 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Viasat by 53.1% during the 2nd quarter. Van ECK Associates Corp now owns 2,243,040 shares of the communications equipment provider's stock valued at $201,447,000 after acquiring an additional 777,761 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Viasat during the 2nd quarter valued at about $127,283,000. Finally, Tidal Investments LLC grew its holdings in shares of Viasat by 8,261.7% in the second quarter. Tidal Investments LLC now owns 976,646 shares of the communications equipment provider's stock valued at $87,713,000 after purchasing an additional 964,966 shares during the period. Hedge funds and other institutional investors own 86.05% of the company's stock.

Viasat Company Profile

Viasat, Inc is a communications technology company that provides satellite-based connectivity and related services to commercial, government and consumer customers. The company's offerings include high-speed broadband, satellite communications, network services and connectivity solutions designed for locations where terrestrial networks may be limited or unavailable.

Viasat serves the aviation, maritime, residential broadband, enterprise and government markets. Its services support in-flight internet for commercial and business aircraft, connectivity for ships and offshore operations, broadband access for homes and communities, and secure communications for government and defense customers.

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