Gilat Satellite Networks (NASDAQ:GILT) Rating Lowered to Hold at Wall Street Zen

Gilat Satellite Networks (NASDAQ:GILT) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Friday.

GILT has been the topic of several other reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gilat Satellite Networks in a report on Monday, December 29th. Needham & Company LLC restated a “buy” rating and issued a $16.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, November 25th. Zacks Research cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Freedom Capital cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $16.00.

Gilat Satellite Networks Stock Performance

NASDAQ GILT traded up $0.22 on Friday, reaching $18.65. 488,815 shares of the company’s stock traded hands, compared to its average volume of 766,436. Gilat Satellite Networks has a fifty-two week low of $5.30 and a fifty-two week high of $18.67. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.45 and a current ratio of 1.72. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 45.49 and a beta of 0.64. The stock has a 50 day moving average price of $13.43 and a 200-day moving average price of $11.74.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings results on Wednesday, November 12th. The communications equipment provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.06. The company had revenue of $117.69 million for the quarter, compared to the consensus estimate of $112.19 million. Gilat Satellite Networks had a return on equity of 10.40% and a net margin of 6.03%. Equities research analysts predict that Gilat Satellite Networks will post 0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Gilat Satellite Networks

Several institutional investors and hedge funds have recently added to or reduced their stakes in GILT. Clal Insurance Enterprises Holdings Ltd lifted its holdings in Gilat Satellite Networks by 118.2% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,154,120 shares of the communications equipment provider’s stock valued at $51,992,000 after purchasing an additional 2,250,000 shares in the last quarter. Penserra Capital Management LLC increased its stake in shares of Gilat Satellite Networks by 831.1% during the third quarter. Penserra Capital Management LLC now owns 1,193,094 shares of the communications equipment provider’s stock worth $15,533,000 after purchasing an additional 1,064,959 shares in the last quarter. CSM Advisors LLC acquired a new position in shares of Gilat Satellite Networks during the 2nd quarter worth about $6,214,000. UBS Group AG lifted its stake in Gilat Satellite Networks by 613.4% in the 3rd quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock valued at $12,545,000 after buying an additional 828,489 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Gilat Satellite Networks by 995.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 907,794 shares of the communications equipment provider’s stock worth $11,755,000 after buying an additional 824,949 shares during the last quarter. 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.