Van ECK Associates Corp boosted its position in Viasat Inc. (NASDAQ:VSAT – Free Report) by 53.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,243,040 shares of the communications equipment provider’s stock after purchasing an additional 777,761 shares during the quarter. Van ECK Associates Corp’s holdings in Viasat were worth $201,447,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of VSAT. Aberdeen Wealth Management LLC purchased a new stake in shares of Viasat during the second quarter worth about $30,000. Elevation Wealth Partners LLC lifted its stake in shares of Viasat by 935.3% during the second quarter. Elevation Wealth Partners LLC now owns 352 shares of the communications equipment provider’s stock valued at $32,000 after buying an additional 318 shares during the period. Rakuten Securities Inc. acquired a new stake in Viasat during the second quarter worth approximately $43,000. Trust Co. of Vermont acquired a new stake in Viasat during the second quarter worth approximately $46,000. Finally, Valued Wealth Advisors LLC purchased a new stake in Viasat in the 1st quarter worth approximately $25,000. 86.05% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts have weighed in on VSAT shares. Morgan Stanley set a $95.00 price target on Viasat in a report on Monday, August 10th. New Street Research started coverage on Viasat in a report on Wednesday, May 13th. They set a “buy” rating and a $100.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Viasat in a research report on Friday, July 17th. Zacks Research upgraded Viasat from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Finally, Oppenheimer assumed coverage on Viasat in a research report on Monday, June 29th. They set an “outperform” rating and a $140.00 target price on the stock. One investment 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 given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.67.
Viasat Stock Down 7.4%
Shares of VSAT opened at $67.37 on Friday. The firm has a market cap of $9.28 billion, a PE ratio of -280.71 and a beta of 1.72. The company’s fifty day moving average is $75.32 and its two-hundred day moving average is $64.28. Viasat Inc. has a fifty-two week low of $26.10 and a fifty-two week high of $93.03. The company has a quick ratio of 1.52, a current ratio of 1.68 and a debt-to-equity ratio of 1.23.
Viasat (NASDAQ:VSAT – Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The communications equipment provider reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.34). The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.20 billion. Viasat had a positive return on equity of 1.44% and a negative net margin of 0.64%.The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.02) earnings per share. Analysts forecast that Viasat Inc. will post -0.36 earnings per share for the current year.
Insider Transactions at Viasat
In other Viasat news, CEO Mark D. Dankberg sold 400,000 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $64.76, for a total transaction of $25,904,000.00. Following the completion of the sale, the chief executive officer owned 1,082,196 shares of the company’s stock, valued at approximately $70,083,012.96. The trade was a 26.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Theresa Wise sold 2,500 shares of the company’s stock in a transaction dated 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 owned 11,000 shares of the company’s stock, valued at $759,000. This represents a 18.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 675,861 shares of company stock valued at $47,705,388 in the last ninety days. Company insiders own 1.40% of the company’s stock.
About Viasat
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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