Viasat (NASDAQ:VSAT) Shares Up 8.5% – Should You Buy?

Viasat Inc. (NASDAQ:VSAT)’s share price shot up 8.5% during trading on Thursday . The company traded as high as $66.43 and last traded at $66.7380. 740,209 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 1,895,895 shares. The stock had previously closed at $61.50.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on VSAT shares. New Street Research started coverage on Viasat in a report on Wednesday, May 13th. They set a “buy” rating and a $100.00 price objective for the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $97.00 price objective on shares of Viasat in a report on Monday, June 1st. Raymond James Financial set a $74.00 price objective on Viasat and gave the company an “outperform” rating in a report on Friday, April 24th. B. Riley Financial boosted their price objective on Viasat from $94.00 to $106.00 and gave the company a “buy” rating in a report on Friday, May 29th. Finally, Needham & Company LLC lifted their target price on Viasat from $58.00 to $90.00 and gave the company a “buy” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.13.

Viasat Trading Up 13.5%

The firm has a market capitalization of $9.53 billion, a P/E ratio of -238.98 and a beta of 1.71. The company has a current ratio of 2.41, a quick ratio of 2.19 and a debt-to-equity ratio of 1.35. The stock has a 50-day simple moving average of $65.43 and a two-hundred day simple moving average of $50.03.

Insider Transactions at Viasat

In related news, CEO Mark D. Dankberg sold 400,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $64.76, for a total transaction of $25,904,000.00. Following the transaction, the chief executive officer directly owned 1,082,196 shares of the company’s stock, valued at $70,083,012.96. This represents a 26.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Robert James Blair sold 30,411 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $47.04, for a total value of $1,430,533.44. Following the transaction, the senior vice president directly owned 38,108 shares in the company, valued at $1,792,600.32. This represents a 44.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 469,946 shares of company stock worth $30,052,612. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in Viasat by 483.2% during the 1st quarter. Royal Bank of Canada now owns 109,448 shares of the communications equipment provider’s stock valued at $1,140,000 after purchasing an additional 90,680 shares during the last quarter. AQR Capital Management LLC grew its stake in Viasat by 189.7% during the 1st quarter. AQR Capital Management LLC now owns 452,933 shares of the communications equipment provider’s stock valued at $4,692,000 after purchasing an additional 296,612 shares during the last quarter. Millennium Management LLC grew its stake in Viasat by 673.7% during the 1st quarter. Millennium Management LLC now owns 1,386,089 shares of the communications equipment provider’s stock valued at $14,443,000 after purchasing an additional 1,206,935 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Viasat by 64.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,866,242 shares of the communications equipment provider’s stock valued at $29,866,000 after purchasing an additional 1,128,338 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in Viasat by 6.9% during the 1st quarter. Empowered Funds LLC now owns 226,184 shares of the communications equipment provider’s stock valued at $2,357,000 after purchasing an additional 14,575 shares during the last quarter. 86.05% of the stock is owned by institutional investors and hedge funds.

Viasat Company Profile

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.