Gilat Satellite Networks (NASDAQ:GILT) Cut to “Market Perform” at William Blair

William Blair downgraded shares of Gilat Satellite Networks (NASDAQ:GILT) from an outperform rating to a market perform rating in a research note published on Tuesday morning, Marketbeat Ratings reports.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Gilat Satellite Networks currently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Gilat Satellite Networks Stock Performance

Shares of NASDAQ GILT opened at $5.73 on Tuesday. The company’s fifty day moving average price is $8.68 and its 200 day moving average price is $13.34. Gilat Satellite Networks has a 1 year low of $5.60 and a 1 year high of $20.93. The company has a market capitalization of $423.05 million, a PE ratio of 8.85 and a beta of 1.15. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.65 and a current ratio of 2.57.

Gilat Satellite Networks (NASDAQ:GILT) last posted its earnings results on Tuesday, November 10th. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.04. The business had revenue of $116.23 million for the quarter, compared to analyst estimates of $126.54 million. Gilat Satellite Networks had a net margin of 6.34% and a return on equity of 9.55%. On average, research analysts predict that Gilat Satellite Networks will post 0.53 earnings per share for the current year.

Institutional Investors Weigh In On Gilat Satellite Networks

Hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its stake in Gilat Satellite Networks by 103.4% during the second quarter. NewEdge Advisors LLC now owns 2,091 shares of the communications equipment provider’s stock worth $28,000 after buying an additional 1,063 shares during the last quarter. Seven Mile Advisory acquired a new stake in shares of Gilat Satellite Networks in the 3rd quarter worth $105,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Gilat Satellite Networks in the 1st quarter worth $169,000. StoneX Group Inc. acquired a new stake in shares of Gilat Satellite Networks in the 3rd quarter worth $120,000. Finally, Focus Advisor Solutions LLC raised its holdings in shares of Gilat Satellite Networks by 80.5% during the 3rd quarter. Focus Advisor Solutions LLC now owns 20,709 shares of the communications equipment provider’s stock worth $204,000 after acquiring an additional 9,238 shares during the period. Institutional investors and hedge funds own 35.72% of the company’s stock.

About Gilat Satellite Networks

Gilat Satellite Networks is an Israel-based provider of satellite communications technology and services. Founded in 1987, the company develops equipment and network solutions that enable broadband connectivity in areas where terrestrial networks are limited or unavailable. Its offerings include very small aperture terminal (VSAT) equipment, satellite modems, hubs, gateways and network management systems. Gilat also provides satellite communications solutions for cellular backhaul, enterprise and rural broadband, in-flight and maritime connectivity, and government and defense applications.