Global Eagle Entertainment (NASDAQ:ENT) Downgraded to “Hold” at Zacks Investment Research

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Zacks Investment Research cut shares of Global Eagle Entertainment (NASDAQ:ENT) from a buy rating to a hold rating in a research report released on Tuesday, 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 research reports. Northland Securities reissued a buy rating and issued a $1.50 target price on shares of Global Eagle Entertainment in a report on Friday, August 9th. ValuEngine raised Global Eagle Entertainment from a hold rating to a buy rating in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $1.14.

Shares of ENT stock opened at $0.62 on Tuesday. The firm has a market capitalization of $58.49 million, a PE ratio of -0.24 and a beta of 1.32. Global Eagle Entertainment has a 1-year low of $0.42 and a 1-year high of $3.05. The business’s fifty day moving average price is $0.69 and its 200 day moving average price is $1.16.

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

In other news, Director Ronald Steger bought 200,000 shares of the stock in a transaction on Wednesday, June 5th. The shares were bought at an average price of $0.50 per share, with a total value of $100,000.00. Following the completion of the acquisition, the director now owns 209,379 shares of the company’s stock, valued at $104,689.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tbo-W L.P. Searchlight II bought 5,000,000 shares of the stock in a transaction on Wednesday, June 5th. The stock was purchased at an average cost of $0.30 per share, for a total transaction of $1,500,000.00. The disclosure for this purchase can be found here. Insiders acquired 5,676,012 shares of company stock worth $1,876,710 in the last three months. 8.70% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of the company. BlackRock Inc. grew its stake in Global Eagle Entertainment by 0.5% in the 4th quarter. BlackRock Inc. now owns 866,717 shares of the company’s stock valued at $1,933,000 after acquiring an additional 4,306 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in Global Eagle Entertainment by 5.0% in the 1st 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 lifted its holdings in Global Eagle Entertainment by 2.1% in the 2nd 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. lifted its holdings in Global Eagle Entertainment by 103.1% in the 2nd 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. lifted its holdings in Global Eagle Entertainment by 257.5% in the 2nd 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 and hedge funds own 73.92% of the company’s stock.

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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