Gilat Satellite Networks (NASDAQ:GILT) Trading Up 5.3% – Still a Buy?

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) shot up 5.3% on Tuesday . The stock traded as high as $18.11 and last traded at $18.1830. 258,864 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 933,805 shares. The stock had previously closed at $17.26.

Analyst Upgrades and Downgrades

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

Gilat Satellite Networks Price Performance

The firm has a market capitalization of $1.35 billion, a P/E ratio of 55.29 and a beta of 0.92. The stock’s fifty day simple moving average is $16.59 and its 200 day simple moving average is $14.56.

Gilat Satellite Networks (NASDAQ:GILT) last announced 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 the consensus estimate 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, sell-side analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Insider Transactions at Gilat Satellite Networks

In other Gilat Satellite Networks news, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adi Sfadia sold 48,978 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total transaction of $825,279.30. The disclosure for this sale is available in the SEC filing. Insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Gilat Satellite Networks

Hedge funds have recently modified their holdings of the stock. Cullen Frost Bankers Inc. acquired a new position in shares of Gilat Satellite Networks during the third quarter valued at about $26,000. Huntington National Bank increased 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 acquiring an additional 2,000 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of 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 acquiring an additional 960 shares in the last quarter. USA Financial Formulas purchased a new stake in Gilat Satellite Networks in the third quarter valued at approximately $39,000. Finally, Smartleaf Asset Management LLC purchased a new stake in Gilat Satellite Networks in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds 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.