Gilat Satellite Networks (NASDAQ:GILT) Shares Gap Up – Here’s What Happened

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.81, but opened at $12.48. Gilat Satellite Networks shares last traded at $12.4020, with a volume of 167,096 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GILT shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. Zacks Research lowered shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Gilat Satellite Networks Trading Up 8.1%

The firm has a fifty day moving average of $16.09 and a two-hundred day moving average of $15.97. The company has a market capitalization of $942.88 million, a PE ratio of 25.04 and a beta of 1.00.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.18 EPS for the quarter. Gilat Satellite Networks had a net margin of 6.80% and a return on equity of 11.65%. The business had revenue of $110.47 million during the quarter. On average, equities analysts expect that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current fiscal year.

Insider Buying and Selling at Gilat Satellite Networks

In related news, insider Arieh Rohrstock sold 17,568 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total value of $267,560.64. Following the sale, the insider directly owned 7,531 shares of the company’s stock, valued at $114,697.13. This represents a 69.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Gilat Satellite Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd grew its position in shares of Gilat Satellite Networks by 33.8% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after buying an additional 1,402,035 shares during the period. Defiance ETFs LLC bought a new stake in Gilat Satellite Networks during the fourth quarter worth about $13,555,000. UBS Group AG grew its holdings in Gilat Satellite Networks by 613.4% in the third quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock worth $12,545,000 after purchasing an additional 828,489 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Gilat Satellite Networks by 995.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 907,794 shares of the communications equipment provider’s stock worth $11,755,000 after purchasing an additional 824,949 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Gilat Satellite Networks by 1,205.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 882,983 shares of the communications equipment provider’s stock valued at $11,426,000 after purchasing an additional 815,360 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.