Ritholtz Wealth Management Sells 7,015 Shares of Gilat Satellite Networks Ltd. $GILT

Ritholtz Wealth Management trimmed its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 40.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,397 shares of the communications equipment provider’s stock after selling 7,015 shares during the period. Ritholtz Wealth Management’s holdings in Gilat Satellite Networks were worth $74,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Blue Bell Private Wealth Management LLC bought a new stake in Gilat Satellite Networks in the 1st quarter valued at about $67,000. Yelin Lapidot Holdings Management Ltd. raised its stake in Gilat Satellite Networks by 7.2% in the 1st quarter. Yelin Lapidot Holdings Management Ltd. now owns 181,549 shares of the communications equipment provider’s stock valued at $1,153,000 after acquiring an additional 12,235 shares during the period. State of Wyoming bought a new stake in Gilat Satellite Networks in the 1st quarter valued at about $101,000. Flaharty Asset Management LLC bought a new stake in Gilat Satellite Networks in the 1st quarter valued at about $108,000. Finally, Walleye Capital LLC bought a new stake in Gilat Satellite Networks in the 1st quarter valued at about $111,000. 35.72% of the stock is currently owned by institutional investors.

Gilat Satellite Networks Stock Down 2.6%

GILT stock opened at $13.37 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.50 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $764.90 million, a PE ratio of 34.28 and a beta of 0.58. Gilat Satellite Networks Ltd. has a twelve month low of $4.82 and a twelve month high of $14.95. The stock has a 50-day simple moving average of $11.51 and a two-hundred day simple moving average of $8.39.

Gilat Satellite Networks (NASDAQ:GILT) last posted its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.17. The business had revenue of $105.00 million during the quarter, compared to analyst estimates of $100.99 million. Gilat Satellite Networks had a return on equity of 10.05% and a net margin of 6.41%. On average, equities analysts predict that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Gilat Satellite Networks in a research note on Wednesday, October 8th. Needham & Company LLC boosted their price objective on Gilat Satellite Networks from $8.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Zacks Research cut Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Wall Street Zen lowered Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Gilat Satellite Networks presently has an average rating of “Hold” and an average price target of $11.00.

About Gilat Satellite Networks

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.