Gilat Satellite Networks (NASDAQ:GILT) Sees Unusually-High Trading Volume – Here’s Why

Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares saw unusually-strong trading volume on Wednesday. Approximately 983,666 shares traded hands during mid-day trading, an increase of 24% from the previous session’s volume of 794,569 shares. The stock last traded at $9.1640 and had previously closed at $9.22.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Needham & Company LLC restated 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 note on Monday, September 14th. Finally, Zacks Research lowered Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Gilat Satellite Networks Trading Down 0.9%

The stock has a market capitalization of $674.88 million, a PE ratio of 20.79 and a beta of 1.04. The business’s 50-day moving average is $10.38 and its two-hundred day moving average is $13.56.

Gilat Satellite Networks (NASDAQ:GILT) last issued its earnings results on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share for the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%.The company had revenue of $122.66 million during the quarter. On average, 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, Director Amir Ofek sold 3,923 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $11.41, for a total value of $44,761.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On Gilat Satellite Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GILT. NewEdge Advisors LLC lifted its holdings in Gilat Satellite Networks by 103.4% in the 2nd 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 in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Gilat Satellite Networks during the first quarter worth about $48,000. Hanson & Doremus Investment Management increased its position in shares of Gilat Satellite Networks by 140.9% during the first quarter. Hanson & Doremus Investment Management now owns 9,404 shares of the communications equipment provider’s stock worth $141,000 after acquiring an additional 5,500 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Gilat Satellite Networks in the first quarter worth about $169,000. Finally, Brady Martz Wealth Solutions LLC purchased a new position in Gilat Satellite Networks in the first quarter valued at about $172,000. Hedge funds and other institutional investors own 35.72% of the company’s stock.

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.