Gilat Satellite Networks (NASDAQ:GILT) Trading Up 4.5% – Here’s What Happened

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s share price rose 4.5% during mid-day trading on Tuesday . The stock traded as high as $10.32 and last traded at $10.3450. 126,969 shares changed hands during trading, a decline of 85% from the average session volume of 828,867 shares. The stock had previously closed at $9.90.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GILT. Zacks Research downgraded shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, June 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Gilat Satellite Networks Price Performance

The firm’s 50-day moving average price is $11.36 and its 200 day moving average price is $14.59. The firm has a market capitalization of $747.17 million, a price-to-earnings ratio of 23.00 and a beta of 1.06.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings results 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 company had revenue of $122.66 million during the quarter. On average, analysts predict that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current fiscal year.

Insider Activity at Gilat Satellite Networks

In other news, Director Amir Yechiel Ofek sold 3,923 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $11.41, for a total transaction of $44,761.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Arieh Rohrstock sold 17,568 shares of Gilat Satellite Networks stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $15.23, for a total transaction of $267,560.64. Following the completion of the transaction, the insider owned 7,531 shares in the company, valued at approximately $114,697.13. This trade represents a 69.99% decrease in their position. 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 insiders.

Institutional Investors Weigh In On Gilat Satellite Networks

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank increased its position in shares of Gilat Satellite Networks by 200,000.0% in the fourth quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after acquiring an additional 2,000 shares in the last quarter. SBI Securities Co. Ltd. increased its position in shares of Gilat Satellite Networks by 82.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock worth $28,000 after acquiring an additional 960 shares during the last quarter. Smartleaf Asset Management LLC purchased a new stake in Gilat Satellite Networks during the 4th quarter worth approximately $39,000. Summit Securities Group LLC acquired a new stake in Gilat Satellite Networks in the first quarter valued at $48,000. Finally, Leonteq Securities AG bought a new position in shares of Gilat Satellite Networks during the fourth quarter worth about $64,000. 35.72% of the stock is currently owned by institutional investors and hedge funds.

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.