Gilat Satellite Networks (NASDAQ:GILT) Trading 8.3% Higher – Here’s What Happened
by Teresa Graham · The Cerbat GemGilat Satellite Networks Ltd. (NASDAQ:GILT – Get Free Report)’s stock price traded up 8.3% during mid-day trading on Tuesday . The stock traded as high as $20.05 and last traded at $19.8630. 257,622 shares were traded during mid-day trading, a decline of 70% from the average session volume of 850,129 shares. The stock had previously closed at $18.34.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the company. Wall Street Zen downgraded Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Freedom Capital upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.00.
View Our Latest Stock Analysis on GILT
Gilat Satellite Networks Price Performance
The firm has a market cap of $1.39 billion, a P/E ratio of 57.09 and a beta of 1.05. The company’s 50 day moving average is $17.25 and its two-hundred day moving average is $15.31.
Gilat Satellite Networks (NASDAQ:GILT – Get Free Report) last announced its quarterly earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The firm had revenue of $136.96 million during the quarter, compared to analysts’ expectations of $133.56 million. Gilat Satellite Networks had a net margin of 4.59% and a return on equity of 10.36%. Research analysts predict that Gilat Satellite Networks Ltd. will post 0.47 EPS for the current year.
Insider Transactions at Gilat Satellite Networks
In other Gilat Satellite Networks news, CEO Adi Sfadia sold 48,978 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total transaction of $825,279.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Doron Kerbel sold 7,500 shares of the firm’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $18.03, for a total transaction of $135,225.00. The SEC filing for this sale provides additional information. 1.13% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GILT. Clal Insurance Enterprises Holdings Ltd lifted its stake in Gilat Satellite Networks by 118.2% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,154,120 shares of the communications equipment provider’s stock worth $51,992,000 after purchasing an additional 2,250,000 shares during the period. Penserra Capital Management LLC raised its stake in shares of Gilat Satellite Networks by 831.1% in the third quarter. Penserra Capital Management LLC now owns 1,193,094 shares of the communications equipment provider’s stock valued at $15,533,000 after acquiring an additional 1,064,959 shares during the last quarter. Defiance ETFs LLC bought a new position in shares of Gilat Satellite Networks in the fourth quarter valued at approximately $13,555,000. UBS Group AG raised its stake in shares of Gilat Satellite Networks by 613.4% in the third quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock valued at $12,545,000 after acquiring an additional 828,489 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Gilat Satellite Networks by 995.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 907,794 shares of the communications equipment provider’s stock valued at $11,755,000 after acquiring an additional 824,949 shares during the last quarter. Institutional investors own 35.72% of the company’s stock.
About Gilat Satellite Networks
Gilat Satellite Networks is a leading provider of satellite-based broadband connectivity solutions, specializing in the design, development and deployment of ground segment equipment and network services. The company’s core offerings include Very Small Aperture Terminal (VSAT) modems and hub systems, network management software, and end-to-end satellite communication platforms. These technologies enable broadband Internet access, enterprise networking, and cellular backhaul in regions where terrestrial infrastructure is limited or non-existent.
Founded in 1987 and headquartered in Petah Tikva, Israel, Gilat has established a track record of innovation in satellite communications.