Pinnbrook Capital Management LP Purchases Shares of 33,500 Viasat Inc. $VSAT

Pinnbrook Capital Management LP acquired a new position in Viasat Inc. (NASDAQ:VSAT) during the second quarter, HoldingsChannel reports. The institutional investor acquired 33,500 shares of the communications equipment provider’s stock, valued at approximately $3,009,000.

Other hedge funds have also modified their holdings of the company. Valued Wealth Advisors LLC purchased a new position in shares of Viasat in the first quarter valued at $25,000. Elevation Wealth Partners LLC increased its position in Viasat by 935.3% in the second quarter. Elevation Wealth Partners LLC now owns 352 shares of the communications equipment provider’s stock worth $32,000 after purchasing an additional 318 shares during the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in Viasat during the fourth quarter valued at $36,000. Los Angeles Capital Management LLC purchased a new stake in Viasat during the fourth quarter valued at $38,000. Finally, EFG International AG bought a new position in Viasat during the fourth quarter valued at $41,000. 86.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Viasat news, Director Theresa Wise sold 2,500 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $69.00, for a total value of $172,500.00. Following the completion of the sale, the director owned 11,000 shares of the company’s stock, valued at $759,000. This trade represents a 18.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark D. Dankberg sold 400,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $64.76, for a total value of $25,904,000.00. Following the transaction, the chief executive officer owned 1,082,196 shares of the company’s stock, valued at $70,083,012.96. This trade represents a 26.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 671,861 shares of company stock worth $47,405,788 in the last 90 days. Company insiders own 1.40% of the company’s stock.

Viasat Stock Up 0.9%

NASDAQ VSAT opened at $74.72 on Friday. The company has a quick ratio of 1.52, a current ratio of 1.68 and a debt-to-equity ratio of 1.23. The company has a fifty day moving average of $74.62 and a two-hundred day moving average of $63.23. The firm has a market capitalization of $10.29 billion, a price-to-earnings ratio of -311.33 and a beta of 1.72. Viasat Inc. has a 52 week low of $26.10 and a 52 week high of $93.03.

Viasat (NASDAQ:VSAT) last posted its quarterly earnings data on Thursday, May 28th. The communications equipment provider reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.34). Viasat had a negative net margin of 0.64% and a positive return on equity of 1.44%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter last year, the firm earned ($0.02) EPS. The company’s revenue was up 2.1% on a year-over-year basis. On average, analysts predict that Viasat Inc. will post -0.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Viasat in a research note on Friday, July 17th. New Street Research initiated coverage on shares of Viasat in a research report on Wednesday, May 13th. They set a “buy” rating and a $100.00 target price on the stock. B. Riley Financial increased their price target on shares of Viasat from $94.00 to $106.00 and gave the company a “buy” rating in a report on Friday, May 29th. Zacks Research upgraded Viasat from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Finally, Needham & Company LLC boosted their price objective on Viasat from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Viasat currently has a consensus rating of “Moderate Buy” and an average target price of $90.67.

Viasat 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.