ARK Investment Management LLC Trims Holdings in Gilat Satellite Networks Ltd. $GILT

ARK Investment Management LLC cut its holdings in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 9.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 266,739 shares of the communications equipment provider’s stock after selling 27,366 shares during the quarter. ARK Investment Management LLC owned approximately 0.47% of Gilat Satellite Networks worth $1,891,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Bell Private Wealth Management LLC purchased a new stake in shares of Gilat Satellite Networks in the 1st quarter worth about $67,000. State of Wyoming purchased a new stake in Gilat Satellite Networks during the 1st quarter valued at about $101,000. Flaharty Asset Management LLC purchased a new stake in Gilat Satellite Networks during the 1st quarter valued at about $108,000. Walleye Capital LLC purchased a new stake in Gilat Satellite Networks during the 1st quarter valued at about $111,000. Finally, Inspire Advisors LLC purchased a new stake in Gilat Satellite Networks during the 1st quarter valued at about $308,000. 35.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Wall Street Zen cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 18th. Needham & Company LLC increased their price objective on shares of Gilat Satellite Networks from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Zacks Research cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.00.

Gilat Satellite Networks Trading Down 2.6%

Shares of GILT opened at $13.37 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.50 and a quick ratio of 1.17. Gilat Satellite Networks Ltd. has a 1 year low of $4.82 and a 1 year high of $14.95. The company has a 50 day simple moving average of $11.51 and a two-hundred day simple moving average of $8.39. The firm has a market cap of $764.90 million, a P/E ratio of 34.28 and a beta of 0.58.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings data on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.17. Gilat Satellite Networks had a net margin of 6.41% and a return on equity of 10.05%. The business had revenue of $105.00 million during the quarter, compared to analyst estimates of $100.99 million. On average, equities analysts expect that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current fiscal year.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.