Global Eagle Entertainment (NASDAQ:ENT) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Global Eagle Entertainment (NASDAQ:ENT) from a hold rating to a sell rating in a report issued on Wednesday, 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. “

Other equities analysts also recently issued reports about the stock. ValuEngine downgraded shares of Global Eagle Entertainment from a buy rating to a hold rating in a research note on Thursday, August 15th. Northland Securities restated a buy rating and issued a $1.50 target price on shares of Global Eagle Entertainment in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Global Eagle Entertainment presently has a consensus rating of Hold and a consensus price target of $1.14.

Shares of NASDAQ:ENT opened at $0.90 on Wednesday. The company has a market capitalization of $79.35 million, a price-to-earnings ratio of -0.35 and a beta of 1.22. Global Eagle Entertainment has a 12 month low of $0.42 and a 12 month high of $3.05. The firm’s 50-day moving average is $0.72 and its 200 day moving average is $0.86.

Global Eagle Entertainment (NASDAQ:ENT) last issued its earnings results 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 business had revenue of $157.47 million for the quarter, compared to analyst estimates of $165.53 million. As a group, analysts predict that Global Eagle Entertainment will post -1.6 earnings per share for the current fiscal year.

In other Global Eagle Entertainment news, CFO David B. Wyshner acquired 2,000 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were purchased at an average cost of $50.37 per share, for a total transaction of $100,740.00. Also, Director Ronald Steger acquired 50,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were acquired at an average price of $0.66 per share, for a total transaction of $33,000.00. Following the completion of the purchase, the director now owns 309,379 shares of the company’s stock, valued at approximately $204,190.14. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 102,000 shares of company stock worth $164,990. Insiders own 8.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. lifted its position in Global Eagle Entertainment by 103.1% during the second quarter. Jacobs Levy Equity Management Inc. now owns 423,649 shares of the company’s stock valued at $275,000 after acquiring an additional 215,041 shares during the last quarter. Tenzing Global Management LLC lifted its position in Global Eagle Entertainment by 46.7% during the second quarter. Tenzing Global Management LLC now owns 1,100,000 shares of the company’s stock valued at $715,000 after acquiring an additional 350,000 shares during the last quarter. Wells Fargo & Company MN lifted its position in Global Eagle Entertainment by 2.1% during the second quarter. Wells Fargo & Company MN now owns 1,225,451 shares of the company’s stock valued at $797,000 after acquiring an additional 24,787 shares during the last quarter. Finally, Searchlight Capital Partners L.P. lifted its position in Global Eagle Entertainment by 257.5% during 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 acquiring an additional 5,000,000 shares during the last quarter. Hedge funds and other institutional investors own 60.23% 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.

See Also: Net Margin

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