Global Eagle Entertainment (NASDAQ:ENT) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Global Eagle Entertainment (NASDAQ:ENT) from a hold rating to a sell rating in a research report report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Global Eagle Entertainment Inc. offers content and connectivity services for the airline industry. It provides airlines with in-flight video content, e-commerce and information services. Global Eagle Entertainment Inc., formerly known as Global Eagle Acquisition Corp., is headquartered in Los Angeles, California. “

ENT has been the topic of several other reports. Northland Securities reissued a buy rating and set a $1.50 target price on shares of Global Eagle Entertainment in a research note on Friday, August 9th. ValuEngine cut Global Eagle Entertainment from a buy rating to a hold rating in a research note on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. Global Eagle Entertainment presently has an average rating of Hold and a consensus target price of $1.14.

ENT opened at $0.63 on Tuesday. Global Eagle Entertainment has a 52-week low of $0.42 and a 52-week high of $3.05. The stock’s 50 day moving average price is $0.69 and its 200-day moving average price is $1.12.

Global Eagle Entertainment (NASDAQ:ENT) last posted its earnings results on Thursday, August 8th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.09). The firm had revenue of $157.47 million during the quarter, compared to analysts’ expectations of $165.53 million. As a group, equities analysts anticipate that Global Eagle Entertainment will post -1.6 EPS for the current year.

In other news, Director Ronald Steger purchased 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were bought at an average cost of $0.66 per share, for a total transaction of $33,000.00. Following the completion of the transaction, the director now directly owns 309,379 shares of the company’s stock, valued at approximately $204,190.14. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tbo-W L.P. Searchlight II purchased 5,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were purchased at an average price of $0.30 per share, for a total transaction of $1,500,000.00. The disclosure for this purchase can be found here. Insiders have purchased 5,695,000 shares of company stock worth $1,879,600 over the last 90 days. 8.70% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENT. BlackRock Inc. boosted its position in shares of Global Eagle Entertainment by 0.5% during the fourth quarter. BlackRock Inc. now owns 866,717 shares of the company’s stock valued at $1,933,000 after purchasing an additional 4,306 shares in the last quarter. 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. Wells Fargo & Company MN boosted its position in shares of Global Eagle Entertainment by 2.1% during the second quarter. Wells Fargo & Company MN now owns 1,225,451 shares of the company’s stock valued at $797,000 after purchasing an additional 24,787 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Global Eagle Entertainment by 103.1% during the second quarter. Jacobs Levy Equity Management Inc. now owns 423,649 shares of the company’s stock valued at $275,000 after purchasing an additional 215,041 shares in the last quarter. Finally, Searchlight Capital Partners L.P. boosted its position in shares of Global Eagle Entertainment by 257.5% during the second quarter. Searchlight Capital Partners L.P. now owns 6,941,707 shares of the company’s stock valued at $4,512,000 after purchasing an additional 5,000,000 shares in the last quarter. Institutional investors own 74.05% of the company’s stock.

Global Eagle Entertainment Company Profile

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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