ViaSat (NASDAQ:VSAT) stock isn’t doing so hot on Thursday after the company said its satellite suffered a problem in space.
According to a press release from the company, its ViaSat-3 Americas satellite suffered an “unexpected event” during reflector deployment. The company says that this issue “may materially impact the performance” of the device.
ViaSat is weighing options for how to deal with this issue. The company says the event doesn’t immediately affect customers. However, it is considering redeploying satellites from its fleet to optimize worldwide coverage. The company may also reallocate a later ViaSat-3 class satellite to offer more coverage in the Americas.
Mark Dankberg, Chairman and CEO of ViaSat, said the following about the news:
“We’re disappointed by the recent developments […] We’re working closely with the reflector’s manufacturer to try to resolve the issue. We sincerely appreciate their focused efforts and commitment.”
How This Affects VSAT Stock
The satellite problem today is acting as a major blow to morale among VSAT stockholders. As a result, many investors are selling their shares. This has some 6 million units on the move as of this writing. That’s already well above the company’s daily average trading volume of about 442,000 shares.
VSAT stock is down 29.5% as of Thursday morning. This more than erases any gains VSAT has seen since the start of the year.
Investors seeking out even more of the most recent stock market news on Thursday are going to want to stick around!
We have breakdowns of the all biggest stock market stories worth reading about today! A few examples of our coverage include the latest happenings affecting airline stocks, The Trade Desk (NASDAQ:TTD) stock and Mullen Automotive (NASDAQ:MULN) stock today. All of that news is readily available at the following links!
More Stock Market News For Thursday
- Why Are Airline Stocks Up Today?
- Dear TTD Stock Fans, Mark Your Calendars for July 17
- MULN Stock Alert: Mullen Testing EV in New York
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
