Short Interest in Gilat Satellite Networks Ltd. (NASDAQ:GILT) Declines By 32.9%

Gilat Satellite Networks Ltd. (NASDAQ:GILT) saw a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 1,816,866 shares, a decline of 32.9% from the February 26th total of 2,706,013 shares. Currently, 2.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 721,272 shares, the days-to-cover ratio is presently 2.5 days.

Insider Buying and Selling

In other news, CEO Adi Sfadia sold 48,978 shares of Gilat Satellite Networks stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $16.85, for a total value of $825,279.30. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Doron Kerbel sold 7,500 shares of the business’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.03, for a total value of $135,225.00. The disclosure for this sale is available in the SEC filing. Insiders own 1.13% of the company’s stock.

Institutional Investors Weigh In On Gilat Satellite Networks

Several large investors have recently bought and sold shares of GILT. Cullen Frost Bankers Inc. bought a new position in Gilat Satellite Networks during the 3rd quarter valued at about $26,000. Huntington National Bank raised its holdings in shares of Gilat Satellite Networks by 200,000.0% during the fourth quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock valued at $26,000 after purchasing an additional 2,000 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in Gilat Satellite Networks by 82.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 960 shares during the period. USA Financial Formulas bought a new stake in Gilat Satellite Networks in the 3rd quarter worth approximately $39,000. Finally, Smartleaf Asset Management LLC bought a new stake in Gilat Satellite Networks in the 4th quarter worth approximately $39,000. 35.72% of the stock is currently owned by institutional investors.

Gilat Satellite Networks Price Performance

NASDAQ:GILT traded down $1.18 during mid-day trading on Friday, hitting $15.39. 492,525 shares of the company’s stock were exchanged, compared to its average volume of 808,111. The company has a market cap of $1.14 billion, a PE ratio of 46.64 and a beta of 0.82. Gilat Satellite Networks has a one year low of $5.30 and a one year high of $20.38. The business has a fifty day moving average price of $16.87 and a 200 day moving average price of $14.33.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.07. The firm had revenue of $136.96 million during the quarter, compared to the consensus estimate of $133.56 million. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%. On average, equities analysts forecast that Gilat Satellite Networks will post 0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.