Gilat Satellite Networks (NASDAQ:GILT) Sets New 12-Month Low – What’s Next?

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s stock price reached a new 52-week low on Wednesday. The company traded as low as $7.69 and last traded at $7.7250, with a volume of 80,721 shares. The stock had previously closed at $7.78.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Monday, September 14th. 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 stock. According to MarketBeat, Gilat Satellite Networks has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Trading Down 0.2%

The firm’s fifty day simple moving average is $9.80 and its 200 day simple moving average is $13.01. The company has a market cap of $573.51 million, a price-to-earnings ratio of 17.70 and a beta of 1.04.

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

Insider Buying and Selling

In other Gilat Satellite Networks news, Director Amir Ofek sold 3,923 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $11.41, for a total value of $44,761.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.13% of the stock is owned by company insiders.

Institutional Trading of Gilat Satellite Networks

A number of institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC boosted its position in shares of Gilat Satellite Networks by 103.4% during the 2nd quarter. NewEdge Advisors LLC now owns 2,091 shares of the communications equipment provider’s stock worth $28,000 after acquiring an additional 1,063 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Gilat Satellite Networks in the 1st quarter valued at about $48,000. Hanson & Doremus Investment Management increased its holdings in shares of Gilat Satellite Networks by 140.9% in the 1st quarter. Hanson & Doremus Investment Management now owns 9,404 shares of the communications equipment provider’s stock valued at $141,000 after acquiring an additional 5,500 shares during the last quarter. Bank of America Corp DE raised its position in shares of Gilat Satellite Networks by 41.6% during the 2nd quarter. Bank of America Corp DE now owns 36,326 shares of the communications equipment provider’s stock worth $483,000 after acquiring an additional 10,668 shares in the last quarter. Finally, Vontobel Holding Ltd. raised its position in shares of Gilat Satellite Networks by 69.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 26,478 shares of the communications equipment provider’s stock worth $261,000 after acquiring an additional 10,854 shares in the last quarter. 35.72% of the stock is owned by hedge funds and other institutional investors.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd. (NASDAQ: GILT) is an Israel-based provider of satellite networking technology, solutions and services. The company develops and supplies very small aperture terminal (VSAT) platforms, satellite ground infrastructure and related network equipment designed to support broadband connectivity in locations where terrestrial communications are limited or unavailable.

Gilat’s offerings serve a range of markets, including enterprise and government communications, cellular backhaul, rural broadband, mobility and in-flight connectivity, and defense and public-sector applications.