Gilat Satellite Networks (NASDAQ:GILT) Shares Up 8.1% – Still a Buy?

Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares shot up 8.1% during trading on Thursday . The company traded as high as $14.56 and last traded at $14.6650. 299,081 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 918,614 shares. The stock had previously closed at $13.56.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GILT. Wall Street Zen cut shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Zacks Research upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Finally, Freedom Capital upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $20.00.

Gilat Satellite Networks Stock Performance

The company has a market cap of $1.10 billion, a P/E ratio of 29.30 and a beta of 1.00. The company has a fifty day moving average price of $17.09 and a two-hundred day moving average price of $15.83.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share for the quarter. The company had revenue of $110.47 million during the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%. Research analysts anticipate that Gilat Satellite Networks Ltd. will post 0.7 EPS for the current year.

Insider Activity

In related news, insider Doron Kerbel sold 7,500 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.03, for a total value of $135,225.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adi Sfadia sold 48,978 shares of the firm’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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.13% of the company’s stock.

Institutional Investors Weigh In On Gilat Satellite Networks

Several hedge funds have recently bought and sold shares of the company. Clal Insurance Enterprises Holdings Ltd lifted its stake in Gilat Satellite Networks by 33.8% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock valued at $71,476,000 after purchasing an additional 1,402,035 shares during the last quarter. Royce & Associates LP lifted its stake in Gilat Satellite Networks by 12.4% in the 3rd quarter. Royce & Associates LP now owns 1,198,560 shares of the communications equipment provider’s stock valued at $15,605,000 after purchasing an additional 132,599 shares during the last quarter. Van ECK Associates Corp lifted its stake in Gilat Satellite Networks by 77.3% in the 4th quarter. Van ECK Associates Corp now owns 1,068,141 shares of the communications equipment provider’s stock valued at $13,822,000 after purchasing an additional 465,775 shares during the last quarter. Defiance ETFs LLC acquired a new stake in Gilat Satellite Networks during the fourth quarter worth approximately $13,555,000. Finally, UBS Group AG lifted its position in Gilat Satellite Networks by 613.4% during the third quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock worth $12,545,000 after acquiring an additional 828,489 shares during the last quarter. 35.72% of the stock is currently owned by institutional investors and hedge funds.

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.