5 NASDAQ Stocks with Biggest Upside

3. Viasat, Inc. (NASDAQ:VSAT)

Average Analyst Price Target Upside: 86.88%

Number of Hedge Fund Holders: 15

Viasat, Inc. (NASDAQ:VSAT) is a California-based company that offers high-speed satellite broadband services and secure networking systems. Based on 2 Wall Street analysts’ ratings over the past three months, the stock has a consensus rating of Moderate Buy. The average price target of $32.20 has an upside of 86.88% to the stock’s current price as of March 18.

On February 29, it was reported that Viasat, Inc. (NASDAQ:VSAT) won a contract from Northrop Grumman Corporation (NYSE:NOC) to integrate its ViaSat-3 modem and support the former company in the U.S. Air Force Research Laboratory initiative known as Defense Experimentation Using Commercial Space Internet.

In the fourth quarter of 2023, 15 hedge funds held positions in Viasat, Inc.’s (NASDAQ:VSAT) stock worth $582.783 million. As of December 31, 2023, Bob Peck And Andy Raab’s FPR Partners is the most significant shareholder in the company with a position worth $79.946 million.

On February 6, Viasat, Inc. (NASDAQ:VSAT) reported its Q3 non-GAAP EPS of $0.24. The revenue jumped 58.2% YoY to $1.13 billion, which topped the estimates by $20 million.

Cove Street Capital stated the following regarding Viasat, Inc. (NASDAQ:VSAT) in its fourth quarter 2023 investor letter:

“Viasat, Inc. (NASDAQ:VSAT) simply rebounded from “stupidly cheap” levels. There has been an interesting change at the company, after the “how can two new world class satellites get malfunction within 60 days of each other.” The company has taken their foot off the CapEx pedal and appears to be focused on near-term cashflow rather than the pursuit of global technical dominance. New investors, and perhaps long-term holders as well, recognize and appreciate this new sense of balance and moderation.”