Gilat Satellite Networks (NASDAQ:GILT) Hits New 52-Week Low – Time to Sell?

Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares reached a new 52-week low on Monday. The stock traded as low as $8.62 and last traded at $8.68, with a volume of 192,021 shares traded. The stock had previously closed at $8.94.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on GILT shares. Zacks Research lowered shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a research note on Monday, September 14th. Finally, Needham & Company LLC reiterated 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 analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Gilat Satellite Networks Stock Performance

The stock’s 50 day simple moving average is $10.14 and its two-hundred day simple moving average is $13.27. The firm has a market capitalization of $609.84 million, a PE ratio of 11.84 and a beta of 1.04.

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

Insider Buying and Selling

In other Gilat Satellite Networks news, Director Amir Ofek sold 3,923 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $11.41, for a total transaction of $44,761.43. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.13% of the company’s stock.

Institutional Trading of Gilat Satellite Networks

A number of hedge funds and other institutional investors have recently modified their holdings of GILT. Tidal Investments LLC boosted its position in shares of Gilat Satellite Networks by 24.4% during the 2nd quarter. Tidal Investments LLC now owns 92,288 shares of the communications equipment provider’s stock valued at $1,228,000 after acquiring an additional 18,107 shares during the last quarter. Engineers Gate Manager LP grew its holdings in shares of Gilat Satellite Networks by 158.7% in the second quarter. Engineers Gate Manager LP now owns 43,407 shares of the communications equipment provider’s stock valued at $578,000 after purchasing an additional 26,627 shares during the period. NewEdge Advisors LLC increased its position in Gilat Satellite Networks by 103.4% during the second quarter. NewEdge Advisors LLC now owns 2,091 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 1,063 shares during the last quarter. Squarepoint Ops LLC increased its position in Gilat Satellite Networks by 488.5% during the second quarter. Squarepoint Ops LLC now owns 85,173 shares of the communications equipment provider’s stock worth $1,134,000 after purchasing an additional 70,701 shares during the last quarter. Finally, Penn Capital Management Company LLC raised its stake in Gilat Satellite Networks by 292.6% during the second quarter. Penn Capital Management Company LLC now owns 139,273 shares of the communications equipment provider’s stock worth $1,854,000 after purchasing an additional 103,798 shares during the period. 35.72% of the stock is owned by institutional investors and hedge funds.

About Gilat Satellite Networks

Gilat Satellite Networks Ltd. (NASDAQ: GILT) is an Israel-based provider of satellite networking technology, solutions and services. The company develops and supplies very small aperture terminal (VSAT) platforms, satellite ground infrastructure and related network equipment designed to support broadband connectivity in locations where terrestrial communications are limited or unavailable.

Gilat’s offerings serve a range of markets, including enterprise and government communications, cellular backhaul, rural broadband, mobility and in-flight connectivity, and defense and public-sector applications.