Viasat (NASDAQ:VSAT) Trading Up 6.1% - Here's Why

Key Points

• Viasat shares rose 6.1% in mid-day trading, reaching as high as $71.95 and last trading at $72.92, on volume below its daily average.
• Analysts remain mixed on the stock: recent price targets range from $49 to $140, with MarketBeat showing an overall “Moderate Buy” consensus and an average target of $84.11.
• Viasat’s latest quarterly results missed earnings and revenue expectations, posting EPS of -$0.02 versus the expected $0.32 and revenue of $1.17 billion versus $1.20 billion estimated.

Viasat Inc. (NASDAQ:VSAT - Get Free Report) shot up 6.1% during mid-day trading on Friday . The stock traded as high as $71.95 and last traded at $72.92. 886,301 shares were traded during mid-day trading, a decline of 58% from the average session volume of 2,115,108 shares. The stock had previously closed at $68.71.

Analyst Ratings Changes

A number of equities analysts have commented on VSAT shares. Barclays set a $49.00 target price on Viasat in a report on Friday, May 29th. Raymond James Financial set a $74.00 price objective on Viasat and gave the company an "outperform" rating in a research note on Friday, April 24th. B. Riley Financial raised their price objective on Viasat from $94.00 to $106.00 and gave the company a "buy" rating in a report on Friday, May 29th. Oppenheimer initiated coverage on shares of Viasat in a research note on Monday, June 29th. They set an "outperform" rating and a $140.00 target price on the stock. Finally, Zacks Research cut shares of Viasat from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Viasat presently has an average rating of "Moderate Buy" and a consensus price target of $84.11.

Viasat Trading Up 6.1%

The company has a market capitalization of $9.96 billion, a PE ratio of -253.38 and a beta of 1.70. The company has a fifty day simple moving average of $71.91 and a 200-day simple moving average of $56.71. The company has a current ratio of 2.41, a quick ratio of 2.19 and a debt-to-equity ratio of 1.35.

Viasat (NASDAQ:VSAT - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The communications equipment provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.32 by ($0.34). Viasat had a positive return on equity of 1.58% and a negative net margin of 0.73%.The company had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter in the prior year, the firm earned ($0.02) EPS. The firm's revenue was up 2.1% on a year-over-year basis. Analysts predict that Viasat Inc. will post -0.39 EPS for the current year.

Insider Activity at Viasat

In related news, Director Richard A. Baldridge sold 27,122 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $71.74, for a total value of $1,945,732.28. Following the completion of the transaction, the director directly owned 213,355 shares in the company, valued at approximately $15,306,087.70. This represents a 11.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Theresa Wise sold 2,500 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $69.00, for a total value of $172,500.00. Following the sale, the director directly owned 11,000 shares of the company's stock, valued at approximately $759,000. This trade represents a 18.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 438,803 shares of company stock valued at $28,655,600 over the last ninety days. Corporate insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Viasat

Institutional investors have recently made changes to their positions in the stock. Valued Wealth Advisors LLC acquired a new stake in Viasat in the 1st quarter valued at approximately $25,000. Elevation Wealth Partners LLC raised its position in Viasat by 935.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 352 shares of the communications equipment provider's stock valued at $32,000 after purchasing an additional 318 shares in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new position in Viasat in the fourth quarter worth approximately $36,000. Los Angeles Capital Management LLC acquired a new position in shares of Viasat during the 4th quarter worth about $38,000. Finally, EFG International AG purchased a new position in Viasat in the fourth quarter valued at approximately $41,000. 86.05% of the stock is currently owned by institutional investors and hedge funds.

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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