ViaSat, Inc. (VSAT) Issues Earnings Results
ViaSat, Inc. (NASDAQ:VSAT) posted its earnings results on Tuesday. The communications equipment provider reported $0.04 EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by $0.03, Bloomberg Earnings reports. ViaSat had a net margin of 1.52% and a return on equity of 2.07%. The business had revenue of $380 million during the quarter, compared to analysts’ expectations of $384.29 million. During the same quarter in the prior year, the firm earned $0.23 EPS. ViaSat’s revenue for the quarter was up 4.7% compared to the same quarter last year.
ViaSat (NASDAQ VSAT) traded down 9.76% on Wednesday, reaching $59.27. The company had a trading volume of 1,557,021 shares. The stock has a market capitalization of $3.42 billion, a P/E ratio of 131.71 and a beta of 0.68. ViaSat has a 12 month low of $57.75 and a 12 month high of $82.19. The firm has a 50-day moving average of $65.85 and a 200-day moving average of $65.65.
In other news, insider Kevin J. Harkenrider sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $66.07, for a total transaction of $1,321,400.00. Following the completion of the transaction, the insider now owns 24,004 shares of the company’s stock, valued at $1,585,944.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey M. Nash sold 5,000 shares of the company’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $71.76, for a total transaction of $358,800.00. Following the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $358,800. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,400 shares of company stock valued at $1,771,886. Company insiders own 7.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Neuburgh Advisers LLC raised its position in shares of ViaSat by 20.5% in the first quarter. Neuburgh Advisers LLC now owns 1,600 shares of the communications equipment provider’s stock worth $102,000 after buying an additional 272 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of ViaSat during the first quarter worth approximately $105,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of ViaSat by 13.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,822 shares of the communications equipment provider’s stock worth $121,000 after buying an additional 216 shares in the last quarter. Glen Harbor Capital Management LLC raised its position in shares of ViaSat by 20.5% in the first quarter. Glen Harbor Capital Management LLC now owns 2,200 shares of the communications equipment provider’s stock worth $140,000 after buying an additional 374 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. bought a new position in shares of ViaSat during the first quarter worth approximately $163,000. 94.17% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have commented on the company. Royal Bank Of Canada set a $48.00 target price on ViaSat and gave the company a “sell” rating in a research report on Saturday, May 6th. B. Riley reaffirmed a “buy” rating and issued a $89.00 price objective on shares of ViaSat in a research note on Sunday, June 4th. Barclays PLC reaffirmed an “equal weight” rating and issued a $80.00 price objective (down from $82.00) on shares of ViaSat in a research note on Monday, July 10th. Zacks Investment Research cut ViaSat from a “hold” rating to a “sell” rating in a research note on Friday, May 26th. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $74.00 price objective on shares of ViaSat in a research note on Wednesday, May 31st. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $76.45.
ViaSat Company Profile
ViaSat, Inc is engaged in broadband technologies and services. The Company operates through three segments: satellite services, commercial networks and government systems. The satellite services segment provides satellite-based broadband services to consumers, enterprises, commercial airlines and mobile broadband customers primarily in the United States.
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