{"id":35596,"date":"2023-07-14T09:22:06","date_gmt":"2023-07-14T13:22:06","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/stock-selloff-of-satellite-broadband-company-viasat-largely-driven-by-emotion-analyst-says\/"},"modified":"2023-07-14T09:22:08","modified_gmt":"2023-07-14T13:22:08","slug":"stock-selloff-of-satellite-broadband-company-viasat-largely-driven-by-emotion-analyst-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35596","title":{"rendered":"Stock selloff of satellite broadband company ViaSat \u2018largely driven by emotion,\u2019 analyst says"},"content":{"rendered":"
\n

Viasat Inc.\u2019s stock plunged more than 28% on Thursday after the communications company disclosed a problem that could affect one of its satellites.<\/p>\n

The ViaSat-3 satellite was launched from Cape Canaveral, Fla., on April 30 to help expand ViaSat\u2019s
\n VSAT,
\n -28.48%<\/bg-quote>
\n North American fixed-broadband business.<\/p>\n

\n

But William Blair analyst Louie DiPalma said that the satellite setback, while frustrating, has prompted an outsized reaction. \u201cWe believe this stock selloff is largely driven by emotion as there are a number of mitigating factors that soften the blow,\u201d he wrote in a note Thursday, adding that insurance and ViaSat\u2019s acquisition of Inmarsat will lessen any impact.<\/p>\n

\u201cThe recent acquisition of Inmarsat already provides ViaSat with global coverage, which was one of the original goals of the ViaSat-3 constellation,\u201d DiPalma wrote.<\/p>\n

William Blair reiterated its market-perform rating for ViaSat.<\/p>\n

However, Raymond James analyst Ric Prentiss warned that the ViaSat-3 problem could be \u201ca major blow\u201d to the timing of ViaSat\u2019s growth story. \u201cThe coming months will be pivotal as ViaSat looks to address the issue and bring the satellite into at least partial service,\u201d he said in a note released Wednesday.<\/p>\n

Related:<\/strong> Viasat\u2019s stock soars after $2 billion deal to sell Link 16 TDL business to reduce debt, boost liquidity<\/p>\n

In a statement released Wednesday, ViaSat described \u201can unexpected event\u201d that occurred during reflector deployment on its ViaSat-3\u00a0Americas\u00a0satellite.<\/p>\n

\u201cWe\u2019re disappointed by the recent developments,\u201d ViaSat CEO Mark Dankberg said in the statement. \u201cWe\u2019re working closely with the reflector\u2019s manufacturer to try to resolve the issue.\u201d<\/p>\n

Also read:<\/strong> Virgin Galactic\u2019s stock jumps as company sets date for second commercial flight<\/p>\n

Contingency plans are currently \u201cbeing refined to minimize the economic effect\u201d on ViaSat, the company said.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Viasat Inc.\u2019s stock plunged more than 28% on Thursday after the communications company disclosed a problem that could affect one of its satellites. The ViaSat-3 satellite was launched from Cape Canaveral, Fla., on April 30 to help expand ViaSat\u2019s VSAT, -28.48% North American fixed-broadband business. But William Blair analyst Louie DiPalma said that the satellite […]<\/p>\n","protected":false},"author":1,"featured_media":35597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-35596","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nStock selloff of satellite broadband company ViaSat \u2018largely driven by emotion,\u2019 analyst says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Viasat Inc.\u2019s stock plunged more than 28% on Thursday after the communications company disclosed a problem that could affect one of its satellites. 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