Gilat Satellite Networks (NASDAQ:GILT) Stock Price Up 4.5% – Here’s What Happened

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s stock price rose 4.5% on Tuesday . The company traded as high as $10.32 and last traded at $10.3450. 126,969 shares were traded during mid-day trading, a decline of 85% from the average session volume of 828,867 shares. The stock had previously closed at $9.90.

Wall Street Analyst Weigh In

GILT has been the subject of a number of analyst reports. Needham & Company LLC reissued a “buy” rating and set a $20.00 price objective 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 reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. One investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Gilat Satellite Networks Trading Up 1.9%

The stock has a fifty day moving average of $11.44 and a two-hundred day moving average of $14.64. The stock has a market capitalization of $744.58 million, a price-to-earnings ratio of 22.98 and a beta of 1.06.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings data on Tuesday, June 30th. The communications equipment provider reported $0.20 EPS for the quarter. The company had revenue of $122.66 million for the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%. Equities analysts expect that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current year.

Insider Activity

In related news, Director Amir Yechiel Ofek sold 3,923 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $11.41, for a total transaction of $44,761.43. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Arieh Rohrstock sold 17,568 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $15.23, for a total transaction of $267,560.64. Following the sale, the insider directly owned 7,531 shares in the company, valued at approximately $114,697.13. This represents a 69.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is owned by corporate insiders.

Institutional Trading of Gilat Satellite Networks

Several hedge funds have recently modified their holdings of the stock. Clal Insurance Enterprises Holdings Ltd increased its holdings in shares of Gilat Satellite Networks by 33.8% in the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock valued at $71,476,000 after purchasing an additional 1,402,035 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Gilat Satellite Networks by 47.3% during the 2nd quarter. Van ECK Associates Corp now owns 1,799,354 shares of the communications equipment provider’s stock worth $23,949,000 after buying an additional 577,479 shares in the last quarter. Wellington Management Group LLP boosted its position in Gilat Satellite Networks by 6.3% in the 2nd quarter. Wellington Management Group LLP now owns 1,094,623 shares of the communications equipment provider’s stock valued at $14,569,000 after buying an additional 64,917 shares during the last quarter. Defiance ETFs LLC bought a new position in Gilat Satellite Networks in the 4th quarter valued at $13,555,000. Finally, AWM Investment Company Inc. acquired a new stake in shares of Gilat Satellite Networks in the 2nd quarter valued at $13,792,000. 35.72% of the stock is owned by 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.