Viasat (VSAT) Soars to New High, But Fails to Sustain Momentum

We recently published 10 Stocks Losing Big Amid Market Boom. Viasat Inc. (NASDAQ:VSAT) is one of the worst performers on Thursday.

Shares of Viasat Inc. rallied to a new all-time high on Thursday, but failed to sustain momentum after finishing the session in the red territory.

In intra-day trading, Viasat Inc. (NASDAQ:VSAT) surged to its highest 52-week price of $34.05 before erasing all gains to end the day down by 6.86 percent at $30.14 apiece after investors took early profits.

Viasat (VSAT) Soars to New High, But Fails to Sustain Momentum

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Earlier this week, the company partnered with UAE-based company Space42 to expand 5G network services to a wider range, including remote areas, by enabling Direct-to-Device services from its satellites.

This means that devices will no longer be required to tap into cellular towers in order to access network services.

The D2D service, which is targeted to become fully operational in the next three years, is expected to support more than 100 MHz of harmonized MSS spectrum already allocated across over 160 markets.

“Equatys will uniquely make possible a shared multi-orbit network of scale with standards-based open architecture to address the significant D2D and next-generation MSS market opportunity. By leveraging high performance transparent satellite architectures and shared infrastructure, the network will deliver cost efficient capacity and use 5G New Radio standards evolving the existing deployed MSS services including, for example, the safety of air, land, and sea,” said Viasat Inc. (NASDAQ:VSAT) Chairman and CEO Mark Dankberg.

While we acknowledge the risk and potential of VSAT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VSAT and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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