Viasat (NASDAQ:VSAT) Stock Price Down 6.5% – Here’s Why

Viasat Inc. (NASDAQ:VSAT) fell 6.5% during mid-day trading on Monday . The company traded as low as $66.17 and last traded at $65.5990. 795,951 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 1,924,936 shares. The stock had previously closed at $70.17.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on VSAT shares. Needham & Company LLC boosted their price objective on shares of Viasat from $58.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Raymond James Financial set a $74.00 price objective on shares of Viasat and gave the stock an “outperform” rating in a research report on Friday, April 24th. New Street Research started coverage on shares of Viasat in a research report on Wednesday, May 13th. They issued a “buy” rating and a $100.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $97.00 price objective on shares of Viasat in a research report on Monday, June 1st. Finally, B. Riley Financial boosted their price objective on shares of Viasat from $94.00 to $106.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.13.

Viasat Stock Down 5.5%

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 firm’s 50 day moving average is $66.47 and its two-hundred day moving average is $50.60. The firm has a market capitalization of $9.05 billion, a P/E ratio of -230.55 and a beta of 1.70.

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

Insiders Place Their Bets

In other Viasat news, Director Richard A. Baldridge sold 27,122 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $71.74, for a total transaction of $1,945,732.28. Following the completion of the sale, the director owned 213,355 shares of the company’s stock, valued at $15,306,087.70. This trade represents a 11.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark D. Dankberg sold 400,000 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $64.76, for a total value of $25,904,000.00. Following the sale, the chief executive officer directly owned 1,082,196 shares of the company’s stock, valued at $70,083,012.96. This represents a 26.99% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 439,535 shares of company stock valued at $28,622,079 in the last ninety days. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Viasat

Hedge funds have recently added to or reduced their stakes in the business. Valued Wealth Advisors LLC acquired a new stake in Viasat during the 1st quarter valued at $25,000. Hantz Financial Services Inc. lifted its holdings in Viasat by 6,815.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 899 shares of the communications equipment provider’s stock valued at $26,000 after purchasing an additional 886 shares during the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in Viasat during the 4th quarter valued at $36,000. Los Angeles Capital Management LLC acquired a new stake in Viasat during the 4th quarter valued at $38,000. Finally, EFG International AG acquired a new stake in Viasat during the 4th quarter valued at $41,000. Institutional investors and hedge funds own 86.05% 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.