ARK Investment Management LLC Cuts Stake in Gilat Satellite Networks Ltd. (NASDAQ:GILT)

ARK Investment Management LLC decreased its position in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 9.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 305,008 shares of the communications equipment provider’s stock after selling 31,212 shares during the period. ARK Investment Management LLC owned about 0.54% of Gilat Satellite Networks worth $1,864,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Phoenix Holdings Ltd. lifted its stake in shares of Gilat Satellite Networks by 0.7% in the third quarter. Phoenix Holdings Ltd. now owns 4,268,728 shares of the communications equipment provider’s stock worth $27,448,000 after acquiring an additional 29,600 shares in the last quarter. Wellington Management Group LLP increased its holdings in Gilat Satellite Networks by 42.0% during the 1st quarter. Wellington Management Group LLP now owns 1,833,700 shares of the communications equipment provider’s stock worth $9,389,000 after purchasing an additional 542,800 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Gilat Satellite Networks by 0.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,023,733 shares of the communications equipment provider’s stock valued at $6,183,000 after purchasing an additional 4,700 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Gilat Satellite Networks by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 819,701 shares of the communications equipment provider’s stock valued at $5,271,000 after buying an additional 6,169 shares during the last quarter. Finally, State Street Corp grew its position in shares of Gilat Satellite Networks by 2.8% during the third quarter. State Street Corp now owns 721,101 shares of the communications equipment provider’s stock worth $3,843,000 after buying an additional 19,799 shares in the last quarter. 35.72% of the stock is owned by hedge funds and other institutional investors.

Gilat Satellite Networks Price Performance

Shares of Gilat Satellite Networks stock opened at $5.29 on Thursday. The business has a 50-day moving average price of $6.01 and a 200 day moving average price of $6.14. Gilat Satellite Networks Ltd. has a fifty-two week low of $4.51 and a fifty-two week high of $7.16. The firm has a market cap of $301.35 million, a P/E ratio of 12.58 and a beta of 0.60. The company has a quick ratio of 1.60, a current ratio of 1.90 and a debt-to-equity ratio of 0.01.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings results on Monday, February 26th. The communications equipment provider reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. Gilat Satellite Networks had a return on equity of 7.42% and a net margin of 8.83%. The business had revenue of $75.61 million during the quarter.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 21st.

Gilat Satellite Networks Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. The company designs and manufactures ground-based satellite communications equipment; and provides solutions and end-to-end services.