Gilat Satellite Networks (NASDAQ:GILT) Sets New 12-Month Low – Time to Sell?

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) reached a new 52-week low during trading on Tuesday . The company traded as low as $9.65 and last traded at $9.8450, with a volume of 87175 shares traded. The stock had previously closed at $10.12.

Analysts Set New Price Targets

GILT has been the subject of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. Zacks Research downgraded Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Gilat Satellite Networks in a research note on Thursday, June 18th. One research 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 company’s stock. According to MarketBeat, Gilat Satellite Networks presently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Stock Down 2.3%

The business has a 50-day moving average price of $11.23 and a 200-day moving average price of $14.51. The company has a market capitalization of $730.03 million, a price-to-earnings ratio of 22.47 and a beta of 1.05.

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. The business had revenue of $122.66 million during the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%. As a group, sell-side analysts predict that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current year.

Insider Transactions at Gilat Satellite Networks

In other Gilat Satellite Networks news, insider Arieh Rohrstock sold 17,568 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $15.23, for a total value of $267,560.64. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amir Ofek sold 3,923 shares of the business’s 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. Additional details regarding this sale are available in the official SEC disclosure. 1.13% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank boosted its position in Gilat Satellite Networks by 200,000.0% during the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after acquiring an additional 2,000 shares during the period. SBI Securities Co. Ltd. increased its holdings 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 valued at $28,000 after purchasing an additional 960 shares during the period. Smartleaf Asset Management LLC purchased a new stake in shares of Gilat Satellite Networks in the fourth quarter worth approximately $39,000. Summit Securities Group LLC purchased a new stake in shares of Gilat Satellite Networks in the first quarter worth approximately $48,000. Finally, Leonteq Securities AG acquired a new stake in shares of Gilat Satellite Networks during the fourth quarter worth approximately $64,000. Hedge funds and other 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.