Gilat Satellite Networks (NASDAQ:GILT) Trading Up 6.6% – Here’s Why

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s share price rose 6.6% on Monday . The stock traded as high as $17.44 and last traded at $17.20. Approximately 534,265 shares traded hands during trading, a decline of 49% from the average daily volume of 1,038,957 shares. The stock had previously closed at $16.14.

Analysts Set New Price Targets

A number of brokerages recently commented on GILT. Wall Street Zen lowered Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings restated a “hold (c+)” rating on shares of Gilat Satellite Networks in a research note on Monday, December 29th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Gilat Satellite Networks in a research note on Tuesday, February 10th. Finally, Freedom Capital raised shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Gilat Satellite Networks Stock Down 0.4%

The business has a 50-day moving average price of $16.52 and a 200-day moving average price of $13.73. The stock has a market cap of $971.37 million, a PE ratio of 51.45 and a beta of 0.82. The company has a current ratio of 1.84, a quick ratio of 1.62 and a debt-to-equity ratio of 0.14.

Gilat Satellite Networks (NASDAQ:GILT) last released its earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $136.96 million during the quarter, compared to analysts’ expectations of $133.56 million. Gilat Satellite Networks had a net margin of 4.59% and a return on equity of 10.36%. As a group, analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd boosted its stake in Gilat Satellite Networks by 31.3% during the 4th quarter. XTX Topco Ltd now owns 32,176 shares of the communications equipment provider’s stock worth $416,000 after purchasing an additional 7,666 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Gilat Satellite Networks in the fourth quarter worth about $444,000. Numerai GP LLC boosted its position in Gilat Satellite Networks by 224.0% during the fourth quarter. Numerai GP LLC now owns 58,049 shares of the communications equipment provider’s stock worth $751,000 after acquiring an additional 40,133 shares during the last quarter. Millennium Management LLC boosted its position in Gilat Satellite Networks by 1,809.5% during the fourth quarter. Millennium Management LLC now owns 386,014 shares of the communications equipment provider’s stock worth $4,995,000 after acquiring an additional 365,799 shares during the last quarter. Finally, Altshuler Shaham Ltd grew its stake in Gilat Satellite Networks by 4,494.6% during the 4th quarter. Altshuler Shaham Ltd now owns 475,171 shares of the communications equipment provider’s stock valued at $5,686,000 after acquiring an additional 464,829 shares in the last quarter. Hedge funds and other institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Company Profile

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.