SummerHaven Investment Management LLC Makes New Investment in Viasat Inc. $VSAT

SummerHaven Investment Management LLC acquired a new stake in shares of Viasat Inc. (NASDAQ:VSAT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 51,244 shares of the communications equipment provider’s stock, valued at approximately $3,607,000. Viasat comprises 2.5% of SummerHaven Investment Management LLC’s portfolio, making the stock its 2nd biggest holding.

A number of other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc boosted its position in Viasat by 4.0% in the third quarter. Versant Capital Management Inc now owns 5,140 shares of the communications equipment provider’s stock worth $362,000 after purchasing an additional 200 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Viasat by 2.6% during the 1st quarter. Cetera Investment Advisers now owns 8,605 shares of the communications equipment provider’s stock valued at $394,000 after purchasing an additional 217 shares during the last quarter. Arizona State Retirement System increased its position in shares of Viasat by 0.9% during the 2nd quarter. Arizona State Retirement System now owns 31,858 shares of the communications equipment provider’s stock valued at $2,861,000 after purchasing an additional 278 shares during the last quarter. Elevation Wealth Partners LLC increased its position in shares of Viasat by 935.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 352 shares of the communications equipment provider’s stock valued at $32,000 after purchasing an additional 318 shares during the last quarter. Finally, Aberdeen Wealth Management LLC bought a new position in shares of Viasat in the 2nd quarter worth approximately $30,000. Institutional investors own 86.05% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Oppenheimer initiated coverage on shares of Viasat in a report on Monday, June 29th. They issued an “outperform” rating and a $140.00 price objective on the stock. Zacks Research upgraded shares of Viasat from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Needham & Company LLC upped their target price on shares of Viasat from $90.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Wall Street Zen cut shares of Viasat from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Viasat in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $90.67.

Insider Activity

In related news, SVP Benjamin Palmer sold 2,400 shares of the stock in a transaction that occurred on 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 approximately $1,596,658.14. This represents a 10.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard A. Baldridge sold 223,542 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $80.62, for a total transaction of $18,021,956.04. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 257,656 shares of company stock worth $20,529,385. 1.40% of the stock is currently owned by corporate insiders.

Viasat Price Performance

NASDAQ VSAT opened at $58.83 on Friday. The company has a market capitalization of $8.10 billion, a PE ratio of -245.12 and a beta of 1.76. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.52 and a current ratio of 1.68. The business’s fifty day moving average is $72.90 and its 200 day moving average is $70.13. Viasat Inc. has a fifty-two week low of $29.13 and a fifty-two week high of $93.03.

Viasat (NASDAQ:VSAT) last released its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.07. The business had revenue of $1.16 billion during 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 for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.17 earnings per share. Sell-side analysts predict that Viasat Inc. will post -0.38 earnings per share for the current year.

Viasat Company Profile

Viasat, Inc is a communications company that provides satellite connectivity and related services to commercial, government and consumer customers. Its offerings include broadband internet, in-flight connectivity, maritime communications, enterprise networking and secure communications for government and defense applications.

The company operates a fleet of communications satellites and develops supporting ground infrastructure, network services and connectivity equipment. Viasat serves customers across North America, Europe, the Middle East, Africa, Asia-Pacific and other international markets, including airlines, shipping companies, businesses, government agencies and households in areas where terrestrial broadband is limited.

Viasat was founded in 1986 and is headquartered in Carlsbad, California.