Global Eagle Entertainment Inc (NASDAQ:ENT) Sees Large Drop in Short Interest

Global Eagle Entertainment Inc (NASDAQ:ENT) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 592,900 shares, a decline of 16.0% from the September 30th total of 706,200 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily trading volume, of 143,900 shares, the short-interest ratio is currently 4.1 days.

ENT has been the subject of several analyst reports. Zacks Investment Research downgraded Global Eagle Entertainment from a “hold” rating to a “sell” rating in a research report on Monday, October 14th. ValuEngine downgraded Global Eagle Entertainment from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, Northland Securities reiterated a “buy” rating and set a $1.50 price objective on shares of Global Eagle Entertainment in a research report on Friday, August 9th. 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 has an average rating of “Hold” and an average target price of $1.14.

Shares of NASDAQ ENT traded up $0.01 during midday trading on Friday, hitting $0.53. 73,000 shares of the company’s stock were exchanged, compared to its average volume of 146,001. The stock’s 50 day moving average price is $0.65 and its 200-day moving average price is $0.71. Global Eagle Entertainment has a twelve month low of $0.42 and a twelve month high of $2.80. The firm has a market cap of $49.45 million, a P/E ratio of -0.20 and a beta of 1.16.

Global Eagle Entertainment (NASDAQ:ENT) last announced its earnings results on Thursday, November 7th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.06). The business had revenue of $169.89 million for the quarter, compared to the consensus estimate of $159.33 million. As a group, equities research analysts predict that Global Eagle Entertainment will post -1.65 earnings per share for the current fiscal year.

In other Global Eagle Entertainment news, Director Ronald Steger acquired 50,000 shares of Global Eagle Entertainment stock in a transaction dated Monday, August 19th. The stock was acquired 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 owns 309,379 shares in the company, valued at approximately $204,190.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 8.70% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. increased its stake in shares of Global Eagle Entertainment by 103.1% in the second quarter. Jacobs Levy Equity Management Inc. now owns 423,649 shares of the company’s stock worth $275,000 after acquiring an additional 215,041 shares during the last quarter. Searchlight Capital Partners L.P. increased its stake in shares of Global Eagle Entertainment by 257.5% in the second quarter. Searchlight Capital Partners L.P. now owns 6,941,707 shares of the company’s stock worth $4,512,000 after acquiring an additional 5,000,000 shares during the last quarter. Tenzing Global Management LLC increased its stake in shares of Global Eagle Entertainment by 46.7% in the second quarter. Tenzing Global Management LLC now owns 1,100,000 shares of the company’s stock worth $715,000 after acquiring an additional 350,000 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Global Eagle Entertainment by 2.1% in the second quarter. Wells Fargo & Company MN now owns 1,225,451 shares of the company’s stock worth $797,000 after acquiring an additional 24,787 shares during the last quarter. 60.41% of the stock is currently owned by institutional investors.

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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