Global Eagle Entertainment (NASDAQ:ENT) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Global Eagle Entertainment (NASDAQ:ENT) from a buy rating to a hold rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Global Eagle Entertainment Inc. offers content and connectivity services for the airline industry. It provides airlines with in-flight video content, e-commerce and information services. Global Eagle Entertainment Inc., formerly known as Global Eagle Acquisition Corp., is headquartered in Los Angeles, California. “

Several other equities research analysts have also recently weighed in on the company. ValuEngine upgraded Global Eagle Entertainment from a hold rating to a buy rating in a research note on Tuesday, July 2nd. Northland Securities restated a buy rating and set a $1.50 target price on shares of Global Eagle Entertainment in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $1.14.

Shares of Global Eagle Entertainment stock opened at $0.62 on Tuesday. Global Eagle Entertainment has a one year low of $0.42 and a one year high of $3.05. The company has a market cap of $58.49 million, a PE ratio of -0.24 and a beta of 1.32. The business has a 50-day simple moving average of $0.69 and a 200-day simple moving average of $1.16.

Global Eagle Entertainment (NASDAQ:ENT) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.42) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.33) by ($0.09). The firm had revenue of $157.47 million during the quarter, compared to analyst estimates of $165.53 million. On average, analysts forecast that Global Eagle Entertainment will post -1.6 EPS for the current year.

In other news, insider Tbo-W L.P. Searchlight II acquired 5,000,000 shares of Global Eagle Entertainment stock in a transaction on Wednesday, June 5th. The stock was bought at an average price of $0.30 per share, for a total transaction of $1,500,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ronald Steger acquired 200,000 shares of Global Eagle Entertainment stock in a transaction on Wednesday, June 5th. The stock was purchased at an average price of $0.50 per share, with a total value of $100,000.00. Following the purchase, the director now owns 209,379 shares of the company’s stock, valued at approximately $104,689.50. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 5,676,012 shares of company stock valued at $1,876,710. 8.70% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Searchlight Capital Partners L.P. lifted its stake in Global Eagle Entertainment by 257.5% in the second quarter. Searchlight Capital Partners L.P. now owns 6,941,707 shares of the company’s stock valued at $4,512,000 after buying an additional 5,000,000 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in Global Eagle Entertainment by 5.0% in the first quarter. Frontier Capital Management Co. LLC now owns 5,934,107 shares of the company’s stock valued at $4,210,000 after buying an additional 282,368 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Global Eagle Entertainment by 2.1% in the second quarter. Wells Fargo & Company MN now owns 1,225,451 shares of the company’s stock valued at $797,000 after buying an additional 24,787 shares during the last quarter. Tenzing Global Management LLC lifted its stake in Global Eagle Entertainment by 46.7% in the second quarter. Tenzing Global Management LLC now owns 1,100,000 shares of the company’s stock valued at $715,000 after buying an additional 350,000 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in Global Eagle Entertainment by 0.5% in the fourth quarter. BlackRock Inc. now owns 866,717 shares of the company’s stock valued at $1,933,000 after buying an additional 4,306 shares during the last quarter. Institutional investors own 73.92% of the company’s stock.

Global Eagle Entertainment Company Profile

Global Eagle Entertainment Inc provides media and satellite-based connectivity to enterprise, consumer, and government markets worldwide. The company operates through two segments, Media & Content and Connectivity. The Media & Content buys, produces, manages, distributes, and provides post-production services and wholly-owned and licensed media content, video and music programming, advertising, applications, and video games for and to the airline, maritime, and other away from home non-theatrical markets.

Recommended Story: What is a Buy-Side Analyst?

Get a free copy of the Zacks research report on Global Eagle Entertainment (ENT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Global Eagle Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global Eagle Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.