Gilat Satellite Networks (NASDAQ:GILT) Trading Up 10.4% – What’s Next?

Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares were up 10.4% during trading on Tuesday . The stock traded as high as $17.54 and last traded at $17.37. Approximately 420,476 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 902,470 shares. The stock had previously closed at $15.73.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GILT. Freedom Capital upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. Wall Street Zen cut Gilat Satellite Networks from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. Finally, Zacks Research upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $20.00.

Gilat Satellite Networks Stock Performance

The business has a 50 day simple moving average of $17.23 and a two-hundred day simple moving average of $15.52. The firm has a market capitalization of $1.32 billion, a P/E ratio of 35.10 and a beta of 1.05.

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. The company had revenue of $110.47 million during the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%. On average, equities analysts anticipate that Gilat Satellite Networks Ltd. will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Adi Sfadia sold 48,978 shares of the firm’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total transaction of $825,279.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Doron Kerbel sold 7,500 shares of the company’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $18.03, for a total transaction of $135,225.00. The SEC filing for this sale provides additional information. 1.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Gilat Satellite Networks

A number of large investors have recently modified their holdings of GILT. Cullen Frost Bankers Inc. bought a new stake in Gilat Satellite Networks in the 3rd quarter worth approximately $26,000. Huntington National Bank grew its stake 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 buying an additional 2,000 shares during the last quarter. SBI Securities Co. Ltd. grew its stake 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 buying an additional 960 shares during the last quarter. Smartleaf Asset Management LLC purchased a new position in shares of Gilat Satellite Networks in the fourth quarter worth about $39,000. Finally, Summit Securities Group LLC bought a new stake in shares of Gilat Satellite Networks in the 1st quarter valued at about $48,000. 35.72% of the stock is owned by hedge funds and other institutional investors.

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.