Viasat Stock Jumps Pre-Market As US Rep. Debbie Schultz Buys Stake Amid Rising Russia-Ukraine Conflict: Retail Activity Spikes
Synopsis
The jump in Viasat’s stock comes despite Barclays slashing its price target by $15 before markets opened on Friday.
Shares of Viasat Inc. ($VSAT) rose as much as 10% in pre-market trading on Friday after reports of Florida Representative Debbie Schultz investing in the company, along with a notable increase in retail chatter.
Schultz is a ranking member of the U.S. House Appropriations Subcommittee on Military Construction, Veteran Affairs, and Related Agencies.
In a filing disclosed on Nov. 20, the Representative disclosed that she bought between $1,001 and $15,000 in Viasat stock on Oct. 23.
The jump in Viasat’s stock comes despite Barclays slashing its price target by $15 – to $9 from $24 – while maintaining an ‘Equal Weight’ rating, before markets opened on Friday.
The brokerage cited increasing competition from Low Earth Orbit (LEO) constellations, reflected in the company’s second-quarter results and future guidance.
Schultz’s purchase comes amidst the ongoing geopolitical tensions between Russia and Ukraine. Kyiv has accused Moscow of launching an intercontinental ballistic missile overnight that targeted the city of Dnipro in central-eastern Ukraine.
If confirmed, this would mark the first time Russia has used such a powerful missile during the war.
Retail sentiment around the stock dipped into the ‘bearish’ (40/100) territory as message volume hit its highest levels this year in the ‘extremely high’ (84/100) zone.
Viasat missed second-quarter earnings estimates earlier this month, reporting a loss of $1.07 per share—double the expected loss of $0.54 per share.
Revenue was slightly above expectations, coming in at $1.12 billion, just ahead of the forecasted $1.11 billion.
The company continues to face significant headwinds with fixed broadband revenue on the decline.
Also, a large portion of Viasat’s revenue comes from China, a market that could face higher tariffs under President-elect Trump’s administration.
Viasat’s stock has lost more than half of its value this year.
For updates and corrections email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.