Gilat Satellite Networks (NASDAQ:GILT) Releases Earnings Results, Beats Expectations By $0.07 EPS

Gilat Satellite Networks (NASDAQ:GILT) posted its quarterly earnings results on Tuesday. The communications equipment provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.07, FiscalAI reports. Gilat Satellite Networks had a net margin of 6.03% and a return on equity of 10.40%. The firm had revenue of $136.96 million for the quarter, compared to the consensus estimate of $133.56 million.

Gilat Satellite Networks Stock Up 4.4%

Shares of GILT opened at $19.27 on Tuesday. The company’s 50-day moving average price is $15.16 and its 200 day moving average price is $12.69. Gilat Satellite Networks has a 12-month low of $5.30 and a 12-month high of $20.38. The company has a current ratio of 1.72, a quick ratio of 1.45 and a debt-to-equity ratio of 0.14. The firm has a market cap of $1.10 billion, a P/E ratio of 47.00 and a beta of 0.82.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Gilat Satellite Networks

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP lifted its holdings in shares of Gilat Satellite Networks by 334.4% in the 3rd quarter. Quantbot Technologies LP now owns 12,067 shares of the communications equipment provider’s stock worth $157,000 after acquiring an additional 9,289 shares during the last quarter. Worth Venture Partners LLC purchased a new stake in Gilat Satellite Networks in the third quarter valued at approximately $166,000. Numerai GP LLC purchased a new stake in Gilat Satellite Networks in the third quarter valued at approximately $233,000. Millennium Management LLC lifted its stake in Gilat Satellite Networks by 40.7% during the third quarter. Millennium Management LLC now owns 20,215 shares of the communications equipment provider’s stock worth $263,000 after purchasing an additional 5,852 shares in the last quarter. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Gilat Satellite Networks in the third quarter valued at $273,000. 35.72% of the stock is owned by hedge funds and other institutional investors.

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.