Gilat Satellite Networks (NASDAQ:GILT) Shares Gap Down – Time to Sell?

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $19.91, but opened at $16.20. Gilat Satellite Networks shares last traded at $15.4090, with a volume of 796,794 shares traded.

Analyst Ratings Changes

A number of research firms recently commented on GILT. Wall Street Zen cut Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Freedom Capital raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Gilat Satellite Networks currently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Gilat Satellite Networks Stock Down 22.2%

The firm’s 50-day simple moving average is $17.50 and its 200-day simple moving average is $15.44. The firm has a market capitalization of $1.14 billion, a PE ratio of 46.71 and a beta of 1.05.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings results on Wednesday, May 13th. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.14. Gilat Satellite Networks had a net margin of 4.59% and a return on equity of 10.36%. The business had revenue of $110.47 million during the quarter, compared to analyst estimates of $114.56 million. On average, equities research analysts forecast that Gilat Satellite Networks Ltd. will post 0.47 earnings per share for the current year.

Insider Activity

In other Gilat Satellite Networks news, CEO Adi Sfadia sold 48,978 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total transaction of $825,279.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Doron Kerbel sold 7,500 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.03, for a total transaction of $135,225.00. The SEC filing for this sale provides additional information. Corporate insiders own 1.13% of the company’s stock.

Institutional Trading of Gilat Satellite Networks

Several institutional investors have recently added to or reduced their stakes in GILT. Cullen Frost Bankers Inc. purchased a new stake in shares of Gilat Satellite Networks during the third quarter worth about $26,000. Huntington National Bank boosted its holdings in shares of Gilat Satellite Networks by 200,000.0% during the fourth quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after purchasing an additional 2,000 shares during the period. SBI Securities Co. Ltd. boosted its holdings in shares of Gilat Satellite Networks by 82.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 960 shares during the period. Smartleaf Asset Management LLC purchased a new stake in Gilat Satellite Networks in the fourth quarter worth about $39,000. Finally, Summit Securities Group LLC purchased a new stake in Gilat Satellite Networks in the first quarter worth about $48,000. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

About Gilat Satellite Networks

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.