Gilat Satellite Networks (NASDAQ:GILT) Insider Sells $267,560.64 in Stock

Gilat Satellite Networks Ltd. (NASDAQ:GILT) insider Arieh Rohrstock sold 17,568 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $15.23, for a total value of $267,560.64. Following the completion of the transaction, the insider directly owned 7,531 shares of the company’s stock, valued at approximately $114,697.13. The trade was a 69.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Gilat Satellite Networks Trading Down 4.1%

GILT traded down $0.62 on Monday, reaching $14.38. The stock had a trading volume of 800,934 shares, compared to its average volume of 920,725. Gilat Satellite Networks Ltd. has a fifty-two week low of $6.20 and a fifty-two week high of $20.93. The firm has a 50-day moving average of $17.08 and a 200-day moving average of $15.89. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 28.27 and a beta of 1.00.

Gilat Satellite Networks (NASDAQ:GILT) last issued its earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%.The business had revenue of $110.47 million during the quarter. Sell-side analysts anticipate that Gilat Satellite Networks Ltd. will post 0.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GILT. Zacks Research raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Wall Street Zen cut Gilat Satellite Networks from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $20.00.

Institutional Investors Weigh In On Gilat Satellite Networks

Institutional investors and hedge funds have recently made changes to their positions in the stock. Huntington National Bank increased its stake 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 valued at $26,000 after buying an additional 2,000 shares during the period. SBI Securities Co. Ltd. increased its stake in shares of Gilat Satellite Networks by 82.1% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock valued at $28,000 after buying an additional 960 shares during the period. Smartleaf Asset Management LLC acquired a new stake in shares of Gilat Satellite Networks in the fourth quarter valued at about $39,000. Summit Securities Group LLC acquired a new stake in shares of Gilat Satellite Networks in the first quarter valued at about $48,000. Finally, Signaturefd LLC increased its stake in shares of Gilat Satellite Networks by 104.5% in the fourth quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider’s stock valued at $53,000 after buying an additional 2,105 shares during the period. Institutional investors and hedge funds own 35.72% of the company’s stock.

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.