Adam Eckert, Benzinga Staff Writer November 6, 2024 2:25 PM | 1 min read VSAT shares are sitting on the sidelines Wednesday while the broader market rallies. The muted price action may be partly due to The Bear Cave’s latest short report. What To Know: Short-selling firm The Bear Cave has published a new report suggesting Elon Musk’s SpaceX is eating ViaSat’s lunch. “The Bear Cave believes new competition led by SpaceX's Starlink is stealing share from Viasat's key markets and will continue to grow at Viasat's expense,” the short seller said. Benzinga has reached out to ViaSat for comment on the report. The Bear Cave expects Donald Trump’s return to the White House to further increase competitive pressure from SpaceX on its business given Musk’s support of Trump throughout his campaign. The short seller noted that SpaceX’s Starlink offers a collection of low-orbit satellites that can provide connectivity with greater bandwidth and lower latency than traditional solutions like ViaSat. “Based on the collective reviews of customers, employees, and engineers, The Bear Cave concludes Viasat is a dead company walking,” The Bear Cave said. The Bear Cave went on to highlight specific commentary from customers, suggesting many are switching to Starlink. He also pointed to the company’s most recent subscriber base total of 257,000, down from around 600,000 in 2020. “Based on consumer reviews, The Bear Cave expects that base to dwindle further,” the short seller said. VSAT Price Action: ViaSat shares were down 1.05% at $10.39 at the time of publication, according to Benzinga Pro. The company is set to report earnings after the market close Wednesday. Read Next: