Penn Capital Management Company LLC Grows Stock Position in Gilat Satellite Networks Ltd. $GILT

Penn Capital Management Company LLC raised its position in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 292.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 139,273 shares of the communications equipment provider’s stock after acquiring an additional 103,798 shares during the quarter. Penn Capital Management Company LLC’s holdings in Gilat Satellite Networks were worth $1,854,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp boosted its stake in shares of Gilat Satellite Networks by 47.3% in the second quarter. Van ECK Associates Corp now owns 1,799,354 shares of the communications equipment provider’s stock valued at $23,949,000 after purchasing an additional 577,479 shares during the period. Wellington Management Group LLP grew its holdings in Gilat Satellite Networks by 6.3% during the 2nd quarter. Wellington Management Group LLP now owns 1,094,623 shares of the communications equipment provider’s stock valued at $14,569,000 after purchasing an additional 64,917 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Gilat Satellite Networks by 29.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,451 shares of the communications equipment provider’s stock worth $723,000 after buying an additional 12,366 shares in the last quarter. Bank of America Corp DE boosted its position in Gilat Satellite Networks by 41.6% in the 2nd quarter. Bank of America Corp DE now owns 36,326 shares of the communications equipment provider’s stock valued at $483,000 after buying an additional 10,668 shares during the last quarter. Finally, AWM Investment Company Inc. acquired a new stake in shares of Gilat Satellite Networks during the second quarter valued at about $13,792,000. Hedge funds and other institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Stock Performance

Shares of GILT stock opened at $9.94 on Friday. Gilat Satellite Networks Ltd. has a one year low of $9.10 and a one year high of $20.93. The company’s 50-day simple moving average is $11.49 and its 200-day simple moving average is $14.71. The stock has a market capitalization of $733.87 million, a price-to-earnings ratio of 22.59 and a beta of 1.06.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings data on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share for the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%.The firm had revenue of $122.66 million during the quarter. As a group, research analysts forecast that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current year.

Insider Activity at Gilat Satellite Networks

In other news, Director Amir Yechiel Ofek sold 3,923 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $11.41, for a total value of $44,761.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arieh Rohrstock sold 17,568 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $15.23, for a total value of $267,560.64. Following the completion of the sale, the insider owned 7,531 shares of the company’s stock, valued at $114,697.13. This trade represents a 69.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Zacks Research lowered Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Gilat Satellite Networks Profile

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.