ViaSat, Inc. (NASDAQ:VSAT) shares dropped 7.9% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $57.75 and last traded at $60.50, with a volume of 1,982,036 shares trading hands. The stock had previously closed at $65.68.

The communications equipment provider reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by $0.03. ViaSat had a return on equity of 2.07% and a net margin of 1.52%. The business had revenue of $380 million during the quarter, compared to analysts’ expectations of $384.29 million. During the same period last year, the company earned $0.23 earnings per share. The firm’s revenue was up 4.7% compared to the same quarter last year.

VSAT has been the subject of a number of research reports. BidaskClub lowered shares of ViaSat from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 21st. Cowen and Company raised shares of ViaSat from a “market perform” rating to an “outperform” rating in a research note on Saturday, June 3rd. B. Riley set a $89.00 price objective on shares of ViaSat and gave the stock a “buy” rating in a research note on Wednesday, June 14th. TheStreet raised shares of ViaSat from a “c” rating to a “b-” rating in a research note on Tuesday, May 23rd. Finally, Wells Fargo & Company set a $96.00 price objective on shares of ViaSat and gave the stock a “buy” rating in a research note on Wednesday, May 24th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $76.45.

In other ViaSat news, Director John P. Stenbit sold 700 shares of the business’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $64.78, for a total value of $45,346.00. Following the completion of the transaction, the director now directly owns 8,700 shares in the company, valued at $563,586. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey M. Nash sold 5,000 shares of the business’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $71.76, for a total transaction of $358,800.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $358,800. The disclosure for this sale can be found here. Insiders sold 26,400 shares of company stock valued at $1,771,886 over the last quarter. 7.70% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Independent Portfolio Consultants Inc. purchased a new position in shares of ViaSat during the first quarter worth approximately $163,000. Geode Capital Management LLC increased its position in shares of ViaSat by 10.9% in the first quarter. Geode Capital Management LLC now owns 437,084 shares of the communications equipment provider’s stock worth $27,894,000 after buying an additional 42,961 shares in the last quarter. Guggenheim Capital LLC increased its position in shares of ViaSat by 40.4% in the fourth quarter. Guggenheim Capital LLC now owns 18,115 shares of the communications equipment provider’s stock worth $1,199,000 after buying an additional 5,211 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of ViaSat by 1.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 18,039 shares of the communications equipment provider’s stock worth $1,151,000 after buying an additional 300 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in shares of ViaSat by 25.8% in the first quarter. UBS Asset Management Americas Inc. now owns 28,696 shares of the communications equipment provider’s stock worth $1,831,000 after buying an additional 5,878 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of 134.44 and a beta of 0.68. The company has a 50-day moving average price of $65.58 and a 200 day moving average price of $65.64.

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ViaSat Company Profile

ViaSat, Inc is engaged in broadband technologies and services. The Company operates through three segments: satellite services, commercial networks and government systems. The satellite services segment provides satellite-based broadband services to consumers, enterprises, commercial airlines and mobile broadband customers primarily in the United States.

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