Viasat (NASDAQ:VSAT) Stock Jumps 13.9% – Here’s Why

Viasat Inc. (NASDAQ:VSAT) shares shot up 13.9% during trading on Monday. The company traded as high as $71.79 and last traded at $72.8240. 151,653 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 2,093,693 shares. The stock had previously closed at $63.95.

Analysts Set New Price Targets

A number of analysts have recently weighed in on VSAT shares. Raymond James Financial reissued an “outperform” rating and set a $95.00 price target on shares of Viasat in a research report on Friday. JPMorgan Chase & Co. dropped their price target on Viasat from $130.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday. Zacks Research upgraded shares of Viasat from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $95.00 price target on Viasat in a research report on Monday, August 10th. Finally, Needham & Company LLC reduced their price target on shares of Viasat from $105.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $98.56.

Viasat Stock Up 0.7%

The company has a quick ratio of 1.49, a current ratio of 1.65 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $10.42 billion, a price-to-earnings ratio of -103.97 and a beta of 1.76. The firm has a 50-day moving average of $70.06 and a two-hundred day moving average of $64.57.

Viasat (NASDAQ:VSAT) last posted its quarterly earnings results on Thursday, November 5th. The communications equipment provider reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.10. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Viasat had a negative net margin of 2.07% and a negative return on equity of 0.05%. Viasat’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 EPS. As a group, sell-side analysts anticipate that Viasat Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Garrett L. Chase sold 4,000 shares of the stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $58.86, for a total transaction of $235,440.00. Following the completion of the sale, the chief financial officer owned 47,534 shares in the company, valued at $2,797,851.24. This represents a 7.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Stenbit sold 705 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $66.75, for a total transaction of $47,058.75. Following the completion of the sale, the director owned 545 shares in the company, valued at approximately $36,378.75. The trade was a 56.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 51,098 shares of company stock worth $3,593,911 over the last ninety days. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Viasat

A number of institutional investors have recently added to or reduced their stakes in VSAT. Ieq Capital LLC boosted its stake in Viasat by 99.7% during the third quarter. Ieq Capital LLC now owns 58,719 shares of the communications equipment provider’s stock worth $4,133,000 after buying an additional 29,311 shares in the last quarter. Focus Advisor Solutions LLC lifted its holdings in shares of Viasat by 7.0% during the 3rd quarter. Focus Advisor Solutions LLC now owns 12,918 shares of the communications equipment provider’s stock worth $909,000 after acquiring an additional 841 shares during the period. Voya Investment Management LLC lifted its holdings in shares of Viasat by 25.1% during the 3rd quarter. Voya Investment Management LLC now owns 79,794 shares of the communications equipment provider’s stock worth $5,616,000 after acquiring an additional 16,014 shares during the period. Public Sector Pension Investment Board boosted its position in shares of Viasat by 32.8% during the 3rd quarter. Public Sector Pension Investment Board now owns 619,502 shares of the communications equipment provider’s stock valued at $41,030,000 after acquiring an additional 152,854 shares in the last quarter. Finally, Global Retirement Partners LLC raised its position in Viasat by 18.2% in the third quarter. Global Retirement Partners LLC now owns 9,511 shares of the communications equipment provider’s stock worth $669,000 after purchasing an additional 1,462 shares in the last quarter. 86.05% of the stock is owned by institutional investors and hedge funds.

About Viasat

Viasat, Inc. is a global communications company that designs, develops and operates satellite and wireless communications systems. Its services support consumers, businesses, governments and other organizations that need connectivity in areas where terrestrial networks may be limited. The company provides satellite broadband for homes and businesses, in-flight connectivity for commercial and business aircraft, and communications services for maritime customers. Viasat also supplies secure communications, networking equipment and related services to government and defense customers.