Viasat (NASDAQ:VSAT) Trading 8.5% Higher – Here’s Why

Viasat Inc. (NASDAQ:VSAT) shares rose 8.5% during trading on Thursday . The stock traded as high as $66.43 and last traded at $66.7380. Approximately 740,209 shares changed hands during trading, a decline of 61% from the average daily volume of 1,895,895 shares. The stock had previously closed at $61.50.

Analyst Ratings Changes

Several brokerages have weighed in on VSAT. Needham & Company LLC upped their target price on Viasat from $58.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Viasat in a research note on Monday, April 20th. New Street Research assumed coverage on Viasat in a report on Wednesday, May 13th. They issued a “buy” rating and a $100.00 price objective for the company. B. Riley Financial upped their price objective on shares of Viasat from $94.00 to $106.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Finally, Barclays set a $49.00 target price on shares of Viasat in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Viasat presently has an average rating of “Moderate Buy” and a consensus target price of $77.13.

Viasat Stock Performance

The company has a debt-to-equity ratio of 1.35, a current ratio of 2.41 and a quick ratio of 2.19. The company has a market cap of $9.58 billion, a PE ratio of -241.97 and a beta of 1.71. The business has a fifty day simple moving average of $66.47 and a two-hundred day simple moving average of $50.47.

Viasat (NASDAQ:VSAT) last announced its quarterly earnings results on Thursday, May 28th. The communications equipment provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.34). The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Viasat had a negative net margin of 0.73% and a positive return on equity of 1.58%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.02) earnings per share. Research analysts anticipate that Viasat Inc. will post -0.35 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Garrett L. Chase sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $72.50, for a total value of $290,000.00. Following the sale, the chief financial officer directly owned 38,239 shares in the company, valued at approximately $2,772,327.50. This trade represents a 9.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Craig Andrew Miller sold 5,260 shares of Viasat stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $50.00, for a total transaction of $263,000.00. Following the completion of the transaction, the senior vice president directly owned 21,252 shares in the company, valued at approximately $1,062,600. The trade was a 19.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 469,946 shares of company stock valued at $30,052,612 over the last three months. Corporate insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Valued Wealth Advisors LLC purchased a new stake in shares of Viasat during the first quarter worth about $25,000. Hantz Financial Services Inc. boosted its stake in Viasat by 6,815.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 899 shares of the communications equipment provider’s stock worth $26,000 after purchasing an additional 886 shares in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in Viasat during the 4th quarter worth approximately $36,000. Los Angeles Capital Management LLC acquired a new stake in shares of Viasat during the fourth quarter worth $38,000. Finally, EFG International AG acquired a new stake in shares of Viasat during the fourth quarter worth $41,000. 86.05% of the stock is 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.