Gilat Satellite Networks (NASDAQ:GILT) Stock Price Down 7.5% – What’s Next?

Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares traded down 7.5% during trading on Monday . The stock traded as low as $15.83 and last traded at $15.88. 739,880 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 928,442 shares. The stock had previously closed at $17.17.

Wall Street Analyst Weigh In

GILT has been the subject of a number of analyst reports. Freedom Capital upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. Wall Street Zen lowered Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. Finally, Zacks Research upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $20.00.

Gilat Satellite Networks Trading Up 0.5%

The stock has a 50-day moving average of $17.27 and a 200-day moving average of $15.68. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 31.84 and a beta of 1.00.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share (EPS) 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. As a group, research analysts expect that Gilat Satellite Networks Ltd. will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Gilat Satellite Networks

A number of hedge funds and other institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. raised its stake in shares of Gilat Satellite Networks by 82.1% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock worth $28,000 after buying an additional 960 shares in the last quarter. Huntington National Bank raised its stake in shares of Gilat Satellite Networks by 200,000.0% in the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after buying an additional 2,000 shares in the last quarter. Signaturefd LLC raised its stake in shares of Gilat Satellite Networks by 104.5% in the 4th quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider’s stock worth $53,000 after buying an additional 2,105 shares in the last quarter. Raymond James Financial Inc. raised its stake in shares of Gilat Satellite Networks by 9.8% in the 3rd quarter. Raymond James Financial Inc. now owns 24,412 shares of the communications equipment provider’s stock worth $318,000 after buying an additional 2,173 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Gilat Satellite Networks by 7.9% in the 4th quarter. Geode Capital Management LLC now owns 33,650 shares of the communications equipment provider’s stock worth $435,000 after buying an additional 2,460 shares in the last quarter. Institutional investors own 35.72% of the company’s stock.

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.