Gilat Satellite Networks (NASDAQ:GILT) Stock Price Down 5.6% – What’s Next?

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) traded down 5.6% on Monday. The company traded as low as $9.51 and last traded at $9.47. Approximately 420,479 shares were traded during trading, a decline of 47% from the average daily volume of 787,991 shares. The stock had previously closed at $10.03.

Analyst Ratings Changes

Several equities research analysts have issued reports on GILT shares. Zacks Research downgraded Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Monday, September 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Gilat Satellite Networks Price Performance

The company has a market cap of $697.32 million, a price-to-earnings ratio of 21.46 and a beta of 1.04. The firm has a 50-day moving average price of $10.44 and a 200 day moving average price of $13.67.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings results on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share for the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%.The business had revenue of $122.66 million during the quarter. On average, equities analysts anticipate that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current fiscal year.

Insider Transactions at Gilat Satellite Networks

In related news, Director Amir Ofek sold 3,923 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $11.41, for a total transaction of $44,761.43. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.13% of the stock is owned by insiders.

Institutional Investors Weigh In On Gilat Satellite Networks

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Clal Insurance Enterprises Holdings Ltd increased its holdings in shares of Gilat Satellite Networks by 33.8% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after buying an additional 1,402,035 shares in the last quarter. AWM Investment Company Inc. acquired a new stake in shares of Gilat Satellite Networks during the 2nd quarter valued at $13,792,000. Van ECK Associates Corp boosted its holdings in shares of 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 valued at $23,949,000 after acquiring an additional 577,479 shares in the last quarter. Altshuler Shaham Ltd grew its position in Gilat Satellite Networks by 4,494.6% during the 4th quarter. Altshuler Shaham Ltd now owns 475,171 shares of the communications equipment provider’s stock worth $5,686,000 after acquiring an additional 464,829 shares during the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. grew its position in Gilat Satellite Networks by 255.6% during the 1st quarter. Yelin Lapidot Holdings Management Ltd. now owns 645,549 shares of the communications equipment provider’s stock worth $9,696,000 after acquiring an additional 464,000 shares during the last quarter. 35.72% of the stock is owned by 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.