Gilat Satellite Networks (NASDAQ:GILT) Sets New 12-Month Low – Here’s Why

Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares hit a new 52-week low on Tuesday. The company traded as low as $9.11 and last traded at $9.0040, with a volume of 42352 shares changing hands. The stock had previously closed at $9.40.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GILT. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. Weiss Ratings restated a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Monday, September 14th. Finally, Zacks Research cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Gilat Satellite Networks presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Gilat Satellite Networks Stock Performance

The stock has a market cap of $680.71 million, a price-to-earnings ratio of 20.96 and a beta of 1.04. The firm’s 50 day moving average is $10.35 and its two-hundred day moving average is $13.50.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings results on Tuesday, June 30th. The communications equipment provider reported $0.20 EPS for the quarter. The company 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, equities analysts expect that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current fiscal year.

Insider Transactions at Gilat Satellite Networks

In other news, Director Amir Ofek sold 3,923 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $11.41, for a total value of $44,761.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Gilat Satellite Networks

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP grew its holdings in Gilat Satellite Networks by 6.3% during the 2nd quarter. Wellington Management Group LLP now owns 1,094,623 shares of the communications equipment provider’s stock valued at $14,569,000 after purchasing an additional 64,917 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Gilat Satellite Networks by 47.3% in the 2nd quarter. Van ECK Associates Corp now owns 1,799,354 shares of the communications equipment provider’s stock worth $23,949,000 after buying an additional 577,479 shares in the last quarter. AWM Investment Company Inc. purchased a new position in Gilat Satellite Networks in the 2nd quarter valued at about $13,792,000. Penn Capital Management Company LLC boosted its position in Gilat Satellite Networks by 292.6% in the 2nd quarter. Penn Capital Management Company LLC now owns 139,273 shares of the communications equipment provider’s stock valued at $1,854,000 after buying an additional 103,798 shares during the last quarter. Finally, Y.D. More Investments Ltd grew its stake 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 acquiring an additional 311,951 shares in the last quarter. 35.72% of the stock is owned by institutional investors and hedge funds.

About Gilat Satellite Networks

Gilat Satellite Networks Ltd. (NASDAQ: GILT) is an Israel-based provider of satellite networking technology, solutions and services. The company develops and supplies very small aperture terminal (VSAT) platforms, satellite ground infrastructure and related network equipment designed to support broadband connectivity in locations where terrestrial communications are limited or unavailable.

Gilat’s offerings serve a range of markets, including enterprise and government communications, cellular backhaul, rural broadband, mobility and in-flight connectivity, and defense and public-sector applications.