Global Eagle Entertainment (NASDAQ:ENT) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Global Eagle Entertainment (NASDAQ:ENT) from a hold rating to a sell rating in a 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. “

Other equities analysts have also recently issued research reports about the stock. Northland Securities reaffirmed a buy rating and set a $1.50 price objective on shares of Global Eagle Entertainment in a research note on Friday, August 9th. ValuEngine cut shares of Global Eagle Entertainment from a buy rating to a hold rating in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $1.14.

Shares of NASDAQ:ENT opened at $0.62 on Tuesday. The company has a 50 day moving average of $0.74 and a 200 day moving average of $0.72. Global Eagle Entertainment has a 12 month low of $0.42 and a 12 month high of $2.80.

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

In related news, CFO David B. Wyshner purchased 2,000 shares of the business’s stock in a transaction on Friday, August 16th. The stock was acquired at an average price of $50.37 per share, with a total value of $100,740.00. Also, Director Ronald Steger purchased 50,000 shares of the business’s stock in a transaction on Monday, August 19th. The stock was bought at an average cost of $0.66 per share, with a total value of $33,000.00. Following the purchase, the director now owns 309,379 shares in the company, valued at $204,190.14. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 102,000 shares of company stock valued at $164,990. 8.70% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in ENT. Searchlight Capital Partners L.P. grew its stake 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 worth $4,512,000 after buying an additional 5,000,000 shares in the last quarter. Tenzing Global Management LLC grew its stake in Global Eagle Entertainment by 46.7% in the 2nd quarter. Tenzing Global Management LLC now owns 1,100,000 shares of the company’s stock worth $715,000 after buying an additional 350,000 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake 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 worth $275,000 after buying an additional 215,041 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake 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 worth $797,000 after buying an additional 24,787 shares in the last quarter. 60.23% of the stock is owned by institutional investors and hedge funds.

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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