Gilat Satellite Networks Ltd. $GILT Shares Sold by Meitav Investment House Ltd.

Meitav Investment House Ltd. decreased its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 93.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 67,905 shares of the communications equipment provider’s stock after selling 1,051,448 shares during the period. Meitav Investment House Ltd.’s holdings in Gilat Satellite Networks were worth $866,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in GILT. USA Financial Formulas acquired a new stake in Gilat Satellite Networks in the 3rd quarter valued at $39,000. McIlrath & Eck LLC boosted its position in shares of Gilat Satellite Networks by 383.1% in the third quarter. McIlrath & Eck LLC now owns 5,783 shares of the communications equipment provider’s stock worth $75,000 after buying an additional 4,586 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of Gilat Satellite Networks in the third quarter valued at about $99,000. Quadrature Capital Ltd purchased a new stake in shares of Gilat Satellite Networks during the 2nd quarter valued at about $125,000. Finally, Corsair Capital Management L.P. acquired a new position in Gilat Satellite Networks during the 2nd quarter worth approximately $142,000. 35.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GILT has been the subject of several recent research reports. Zacks Research downgraded shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Gilat Satellite Networks in a research note on Monday, December 29th. Wall Street Zen lowered shares of Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $16.00 price objective on shares of Gilat Satellite Networks in a report on Tuesday, November 25th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Gilat Satellite Networks has a consensus rating of “Hold” and an average price target of $16.00.

Gilat Satellite Networks Stock Performance

Gilat Satellite Networks stock opened at $17.86 on Monday. Gilat Satellite Networks Ltd. has a 52 week low of $5.30 and a 52 week high of $18.09. The company has a current ratio of 1.72, a quick ratio of 1.45 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.02 billion, a P/E ratio of 43.56 and a beta of 0.64. The stock has a 50 day moving average of $12.87 and a 200-day moving average of $11.43.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings results on Wednesday, November 12th. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. Gilat Satellite Networks had a net margin of 6.03% and a return on equity of 10.40%. The business had revenue of $117.69 million during the quarter, compared to analyst estimates of $112.19 million. On average, analysts expect that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Gilat Satellite Networks Company 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.