Gilat Satellite Networks (NASDAQ:GILT) Trading Down 7.1%

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s stock price fell 7.1% during trading on Tuesday . The stock traded as low as $12.35 and last traded at $14.07. 3,639,092 shares were traded during trading, an increase of 16% from the average session volume of 3,139,765 shares. The stock had previously closed at $15.14.

Separately, TheStreet raised shares of Gilat Satellite Networks from a “c-” rating to a “b” rating in a research report on Tuesday, February 16th.

The firm’s 50-day simple moving average is $12.23 and its 200 day simple moving average is $7.34. The stock has a market capitalization of $780.79 million, a P/E ratio of -216.29 and a beta of 0.63.

A number of large investors have recently modified their holdings of GILT. Morgan Stanley lifted its position in Gilat Satellite Networks by 45.7% during the 3rd quarter. Morgan Stanley now owns 2,929,663 shares of the communications equipment provider’s stock worth $15,966,000 after buying an additional 919,062 shares in the last quarter. Phoenix Holdings Ltd. bought a new stake in shares of Gilat Satellite Networks in the 4th quarter valued at about $4,156,000. ARK Investment Management LLC bought a new stake in shares of Gilat Satellite Networks in the 3rd quarter valued at about $862,000. Meitav Dash Investments Ltd. raised its holdings in shares of Gilat Satellite Networks by 63.3% in the 4th quarter. Meitav Dash Investments Ltd. now owns 248,973 shares of the communications equipment provider’s stock valued at $1,620,000 after purchasing an additional 96,543 shares during the period. Finally, Penserra Capital Management LLC raised its holdings in shares of Gilat Satellite Networks by 39.5% in the 4th quarter. Penserra Capital Management LLC now owns 239,749 shares of the communications equipment provider’s stock valued at $1,563,000 after purchasing an additional 67,847 shares during the period. 31.08% of the stock is currently owned by hedge funds and other institutional investors.

About Gilat Satellite Networks (NASDAQ:GILT)

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions and services in Latin America, the Asia Pacific, North America, Europe, the Middle East, and Africa. It operates through three segments: Fixed Networks, Mobility Solutions, and Terrestrial Infrastructure Projects.

Further Reading: Initial Coin Offerings entail a high degree of risk