Gilat Satellite Networks (NASDAQ:GILT) Trading Down 5.9% – Here’s What Happened

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) fell 5.9% during mid-day trading on Friday . The stock traded as low as $17.89 and last traded at $18.2720. 573,316 shares traded hands during trading, a decline of 42% from the average session volume of 982,416 shares. The stock had previously closed at $19.42.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, November 25th. Freedom Capital cut Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gilat Satellite Networks in a research report on Monday, December 29th. Finally, Wall Street Zen cut shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $16.00.

Gilat Satellite Networks Stock Down 4.9%

The stock has a market cap of $1.06 billion, a PE ratio of 45.03 and a beta of 0.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.72 and a quick ratio of 1.45. The company has a 50 day moving average price of $15.00 and a two-hundred day moving average price of $12.58.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings data on Wednesday, November 12th. The communications equipment provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.13 by $0.06. Gilat Satellite Networks had a return on equity of 10.40% and a net margin of 6.03%.The company had revenue of $117.69 million for the quarter, compared to analysts’ expectations of $112.19 million. Analysts expect that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current year.

Institutional Investors Weigh In On Gilat Satellite Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. lifted its position in shares of Gilat Satellite Networks by 82.1% during the 4th 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 in the last quarter. Cullen Frost Bankers Inc. bought a new stake in Gilat Satellite Networks during the 3rd quarter worth approximately $26,000. Signaturefd LLC raised its stake in Gilat Satellite Networks by 104.5% during the 4th quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider’s stock worth $53,000 after acquiring an additional 2,105 shares during the period. Raymond James Financial Inc. lifted its holdings in Gilat Satellite Networks by 9.8% during the third quarter. Raymond James Financial Inc. now owns 24,412 shares of the communications equipment provider’s stock valued at $318,000 after purchasing an additional 2,173 shares in the last quarter. Finally, USA Financial Formulas bought a new position in shares of Gilat Satellite Networks in the third quarter worth approximately $39,000. Hedge funds and other institutional investors 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.