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

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

In other news, Director Ronald Steger bought 50,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were bought at an average price of $0.66 per share, with a total value of $33,000.00. Following the completion of the transaction, the director now owns 309,379 shares of the company’s stock, valued at $204,190.14. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.70% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in ENT. Wells Fargo & Company MN raised its position in Global Eagle Entertainment by 2.1% during the 2nd quarter. Wells Fargo & Company MN now owns 1,225,451 shares of the company’s stock worth $797,000 after purchasing an additional 24,787 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in Global Eagle Entertainment by 103.1% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 423,649 shares of the company’s stock worth $275,000 after purchasing an additional 215,041 shares during the last quarter. Searchlight Capital Partners L.P. raised its position in Global Eagle Entertainment by 257.5% during the 2nd quarter. Searchlight Capital Partners L.P. now owns 6,941,707 shares of the company’s stock worth $4,512,000 after purchasing an additional 5,000,000 shares during the last quarter. Finally, Tenzing Global Management LLC raised its position in Global Eagle Entertainment by 46.7% during the 2nd quarter. Tenzing Global Management LLC now owns 1,100,000 shares of the company’s stock worth $715,000 after purchasing an additional 350,000 shares during the last quarter. 60.41% of the stock is owned by institutional investors and hedge funds.

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NASDAQ:ENT traded up $0.01 during trading hours on Friday, reaching $0.53. 73,000 shares of the company were exchanged, compared to its average volume of 145,068. Global Eagle Entertainment has a 1-year low of $0.42 and a 1-year high of $2.80. The company has a market capitalization of $50.61 million, a P/E ratio of -0.20 and a beta of 1.16. The business has a 50 day moving average of $0.65 and a 200 day moving average of $0.71.

Global Eagle Entertainment (NASDAQ:ENT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.45) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.06). The firm had revenue of $169.89 million during the quarter, compared to the consensus estimate of $159.33 million. On average, equities research analysts forecast that Global Eagle Entertainment will post -1.65 EPS for the current year.

Several equities analysts have recently commented on ENT shares. Northland Securities reaffirmed a “buy” rating and issued a $1.50 target price on shares of Global Eagle Entertainment in a research report on Friday, August 9th. Zacks Investment Research downgraded Global Eagle Entertainment from a “hold” rating to a “sell” rating in a research report on Monday, October 14th. Finally, ValuEngine downgraded Global Eagle Entertainment from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Global Eagle Entertainment presently has an average rating of “Hold” and a consensus price target of $1.14.

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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