Global Eagle Entertainment Inc (NASDAQ:ENT) saw a significant decline in short interest in June. As of June 30th, there was short interest totalling 3,029,100 shares, a decline of 5.8% from the May 30th total of 3,216,500 shares. Approximately 4.1% of the company’s stock are short sold. Based on an average trading volume of 1,080,000 shares, the short-interest ratio is presently 2.8 days.
A number of equities analysts have recently issued reports on the stock. ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Northland Securities set a $2.00 price objective on shares of Global Eagle Entertainment and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Zacks Investment Research cut shares of G1 Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. Finally, William Blair restated a “market perform” rating on shares of NationalResearchCorp . in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $2.05.
Shares of ENT stock traded down $0.03 on Monday, hitting $0.65. 43,100 shares of the stock were exchanged, compared to its average volume of 351,312. Global Eagle Entertainment has a one year low of $0.42 and a one year high of $3.05. The firm has a 50 day moving average price of $0.67. The company has a market capitalization of $60.04 million, a price-to-earnings ratio of -0.25 and a beta of 1.35.
In other news, Director Ronald Steger acquired 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was acquired at an average cost of $0.50 per share, with a total value of $100,000.00. Following the acquisition, the director now owns 209,379 shares in the company, valued at $104,689.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Par Investment Partners Lp sold 28,981,072 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $0.25, for a total transaction of $7,245,268.00. The disclosure for this sale can be found here. Insiders acquired 5,711,012 shares of company stock valued at $1,929,110 over the last three months. Insiders own 3.70% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Frontier Capital Management Co. LLC boosted its position in shares of Global Eagle Entertainment by 5.0% during the first quarter. Frontier Capital Management Co. LLC now owns 5,934,107 shares of the company’s stock valued at $4,210,000 after purchasing an additional 282,368 shares in the last quarter. Two Sigma Securities LLC acquired a new stake in Global Eagle Entertainment during the 4th quarter worth about $85,000. Finally, BlackRock Inc. lifted its position in Global Eagle Entertainment by 0.5% during the 4th quarter. BlackRock Inc. now owns 866,717 shares of the company’s stock worth $1,933,000 after acquiring an additional 4,306 shares during the period. 74.11% of the stock is currently owned by hedge funds and other institutional investors.
About Global Eagle Entertainment
Global Eagle Entertainment Inc provides media and satellite-based connectivity to enterprise, consumer, and government markets worldwide. The company operates through two segments, Media & Content and Connectivity. The Media & Content buys, produces, manages, distributes, and provides post-production services and wholly-owned and licensed media content, video and music programming, advertising, applications, and video games for and to the airline, maritime, and other away from home non-theatrical markets.
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