Viasat (NASDAQ:VSAT) Shares Up 7.8% – Here’s What Happened

Viasat Inc. (NASDAQ:VSAT) was up 7.8% during mid-day trading on Tuesday. The stock traded as high as $75.93 and last traded at $75.2090. 1,240,123 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 2,035,297 shares. The stock had previously closed at $69.79.

Analysts Set New Price Targets

VSAT has been the subject of several analyst reports. Needham & Company LLC upped their target price on Viasat from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Morgan Stanley set a $95.00 price target on Viasat in a research report on Monday, August 10th. Zacks Research upgraded Viasat from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Viasat in a research report on Friday, July 17th. Finally, Oppenheimer initiated coverage on shares of Viasat in a research note on Monday, June 29th. They set an “outperform” rating and a $140.00 price objective on the stock. One investment 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.67.

Viasat Stock Up 7.8%

The company has a market capitalization of $10.36 billion, a price-to-earnings ratio of -312.98 and a beta of 1.76. The company has a quick ratio of 1.52, a current ratio of 1.68 and a debt-to-equity ratio of 1.23. The firm has a 50 day moving average price of $75.07 and a two-hundred day moving average price of $69.13.

Insider Transactions at Viasat

In related news, Director Theresa Wise sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $84.69, for a total transaction of $211,725.00. Following the sale, the director directly owned 11,000 shares of the company’s stock, valued at approximately $931,590. This represents a 18.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John P. Stenbit sold 705 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $66.75, for a total value of $47,058.75. Following the transaction, the director owned 545 shares in the company, valued at $36,378.75. This trade represents a 56.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 245,763 shares of company stock valued at $19,677,727 over the last ninety days. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Viasat

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in Viasat in the second quarter valued at $1,863,374,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Viasat in the 2nd quarter valued at about $11,902,000. South Dakota Investment Council boosted its stake in Viasat by 92.6% during the 1st quarter. South Dakota Investment Council now owns 336,056 shares of the communications equipment provider’s stock valued at $15,391,000 after purchasing an additional 161,552 shares during the period. Everett Harris & Co. CA bought a new position in Viasat in the 2nd quarter worth about $5,423,000. Finally, Bank of America Corp DE bought a new stake in shares of Viasat during the second quarter valued at approximately $127,283,000. 86.05% of the stock is owned by institutional investors and hedge funds.

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.