Viasat (NASDAQ:VSAT) Stock Price Down 7% - Here's What Happened

Viasat, Inc. (NASDAQ:VSAT - Get Free Report)'s share price dropped 7% during trading on Monday . The stock traded as low as $8.20 and last traded at $8.31. Approximately 1,066,235 shares were traded during trading, a decline of 46% from the average daily volume of 1,966,513 shares. The stock had previously closed at $8.94.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VSAT. Barclays decreased their price target on Viasat from $24.00 to $9.00 and set an "equal weight" rating for the company in a report on Wednesday, November 20th. Bank of America decreased their target price on shares of Viasat from $31.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, September 20th. JPMorgan Chase & Co. lowered shares of Viasat from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $29.00 to $15.00 in a research report on Tuesday, September 17th. Finally, Needham & Company LLC decreased their price objective on shares of Viasat from $28.00 to $19.00 and set a "buy" rating for the company in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Viasat presently has a consensus rating of "Hold" and a consensus target price of $18.33.

Viasat Trading Down 5.9 %

The firm has a market cap of $1.08 billion, a price-to-earnings ratio of -2.70 and a beta of 1.34. The company's 50-day moving average price is $9.23 and its 200-day moving average price is $12.94. The company has a quick ratio of 1.34, a current ratio of 1.44 and a debt-to-equity ratio of 1.28.

Viasat (NASDAQ:VSAT - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The communications equipment provider reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.53). Viasat had a negative return on equity of 7.58% and a negative net margin of 8.73%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the firm posted ($6.16) earnings per share. The company's quarterly revenue was down 8.4% on a year-over-year basis. Equities analysts expect that Viasat, Inc. will post -2.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Mark J. Miller sold 3,564 shares of the business's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $9.21, for a total transaction of $32,824.44. Following the transaction, the executive vice president now directly owns 350,351 shares in the company, valued at approximately $3,226,732.71. The trade was a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Louisiana State Employees Retirement System increased its holdings in shares of Viasat by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 37,800 shares of the communications equipment provider's stock valued at $480,000 after purchasing an additional 600 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Viasat by 25.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 796,368 shares of the communications equipment provider's stock worth $10,114,000 after acquiring an additional 162,804 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Viasat by 8.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,044 shares of the communications equipment provider's stock valued at $166,000 after acquiring an additional 997 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Viasat by 26.1% in the second quarter. Van ECK Associates Corp now owns 21,234 shares of the communications equipment provider's stock valued at $270,000 after purchasing an additional 4,389 shares during the period. Finally, nVerses Capital LLC acquired a new stake in Viasat during the second quarter worth about $81,000. 86.05% of the stock is owned by hedge funds and other institutional investors.

About Viasat

Viasat, Inc provides broadband and communications products and services worldwide. The company's Satellite Services segment offers satellite-based fixed broadband services, including broadband internet access and voice over internet protocol services to consumers and businesses; in-flight entertainment and aviation software services to commercial airlines and private business jets; satellite-based connectivity services; mobile broadband services, including satellite-based internet services to energy offshore vessels, cruise ships, consumer ferries, and yachts; and energy services, which include ultra-secure solutions IP connectivity, bandwidth-optimized over-the-top applications, industrial internet-of-things big data enablement, and industry-leading machine learning analytics.