Here’s How Viasat (VSAT) Rebounded From “Stupidly Cheap” Levels

Investment management company Cove Street Capital recently released its “Small Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund returned 18.33% compared to 16.93% for the Russell 2000 Index and 15.26% for the Russell 2000 Value Index. The fund returned 8.35% in the fourth quarter compared to 14.03% and 15.26% for the indexes, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

In its Q4 2023 investor letter, Cove Street Capital featured stocks such as Viasat, Inc. (NASDAQ:VSAT). Headquartered in Carlsbad, California, Viasat, Inc. (NASDAQ:VSAT) engages in providing communications technologies and services. On January 5, 2024, Viasat, Inc. (NASDAQ:VSAT) stock closed at $25.83 per share. One-month return of Viasat, Inc. (NASDAQ:VSAT) was 8.58%, and its shares lost 28.55% of their value over the last 52 weeks. Viasat, Inc. (NASDAQ:VSAT) has a market capitalization of $3.216 billion.

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.”

Viasat, Inc. (NASDAQ:VSAT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Viasat, Inc. (NASDAQ:VSAT) at the end of third quarter which was 13 in the previous quarter.

We discussed Viasat, Inc. (NASDAQ:VSAT) in another article and shared Polen Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.