Gilat Satellite Networks (NASDAQ:GILT) Trading Down 5.6% After Insider Selling

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s stock price traded down 5.6% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $14.31 and last traded at $14.1660. 436,146 shares changed hands during trading, a decline of 52% from the average session volume of 916,439 shares. The stock had previously closed at $15.00.

Specifically, insider Arieh Rohrstock sold 17,568 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total transaction of $267,560.64. Following the transaction, the insider directly owned 7,531 shares in the company, valued at $114,697.13. This trade represents a 69.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

GILT has been the topic of several recent analyst reports. Zacks Research raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Wall Street Zen cut Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $20.00.

Gilat Satellite Networks Trading Down 4.0%

The company has a market cap of $1.06 billion, a PE ratio of 28.29 and a beta of 1.00. The firm has a 50 day moving average of $17.08 and a two-hundred day moving average of $15.89.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share for the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%.The company had revenue of $110.47 million during the quarter. On average, research analysts forecast that Gilat Satellite Networks Ltd. will post 0.7 EPS for the current year.

Hedge Funds Weigh In On Gilat Satellite Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its holdings in shares of Gilat Satellite Networks by 241.6% during the first quarter. Bank of America Corp DE now owns 25,658 shares of the communications equipment provider’s stock valued at $385,000 after purchasing an additional 18,146 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Gilat Satellite Networks by 57.2% during the first quarter. Public Employees Retirement System of Ohio now owns 42,085 shares of the communications equipment provider’s stock valued at $628,000 after purchasing an additional 15,316 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Gilat Satellite Networks by 29.7% during the first quarter. Sei Investments Co. now owns 100,506 shares of the communications equipment provider’s stock valued at $1,510,000 after purchasing an additional 23,031 shares in the last quarter. Swiss National Bank bought a new position in shares of Gilat Satellite Networks during the first quarter valued at $2,159,000. Finally, Y.D. More Investments Ltd lifted its holdings in shares of Gilat Satellite Networks by 77.3% during the first quarter. Y.D. More Investments Ltd now owns 715,697 shares of the communications equipment provider’s stock valued at $10,560,000 after purchasing an additional 311,951 shares in the last quarter. 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.