Viasat (NASDAQ:VSAT) Shares Gap Down Following Insider Selling

Shares of Viasat Inc. (NASDAQ:VSAT) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $86.16, but opened at $77.39. Viasat shares last traded at $81.57, with a volume of 443,005 shares.

Specifically, Director John P. Stenbit sold 616 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $75.46, for a total transaction of $46,483.36. Following the sale, the director owned 634 shares of the company’s stock, valued at approximately $47,841.64. This trade represents a 49.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Benjamin Edward Palmer sold 2,400 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $75.46, for a total value of $181,104.00. Following the completion of the sale, the senior vice president directly owned 21,159 shares of the company’s stock, valued at $1,596,658.14. The trade was a 10.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on VSAT shares. Needham & Company LLC increased their price target on shares of Viasat from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday. Zacks Research upgraded Viasat from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. B. Riley Financial lifted their price objective on Viasat from $94.00 to $106.00 and gave the stock a “buy” rating in a report on Friday, May 29th. New Street Research assumed coverage on Viasat in a research report on Wednesday, May 13th. They issued a “buy” rating and a $100.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $97.00 price target on shares of Viasat in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $85.78.

Viasat Stock Down 0.4%

The company has a market capitalization of $11.25 billion, a PE ratio of -345.45 and a beta of 1.72. The firm has a fifty day simple moving average of $72.30 and a 200-day simple moving average of $60.57. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.19 and a current ratio of 1.68.

Viasat (NASDAQ:VSAT) last announced its quarterly earnings data 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). The company 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%.Viasat’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.02) earnings per share. Equities research analysts anticipate that Viasat Inc. will post -0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Viasat

Several institutional investors and hedge funds have recently made changes to their positions in VSAT. Valued Wealth Advisors LLC acquired a new stake in shares of Viasat during the first quarter worth $25,000. Elevation Wealth Partners LLC boosted its position 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 worth $32,000 after buying an additional 318 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new position in Viasat in the 4th quarter worth approximately $36,000. Los Angeles Capital Management LLC acquired a new stake in Viasat in the 4th quarter valued at approximately $38,000. Finally, EFG International AG acquired a new stake in Viasat in the 4th quarter valued at approximately $41,000. 86.05% of the stock is owned by institutional investors and hedge funds.

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.