Gilat Satellite Networks (NASDAQ:GILT) Reaches New 1-Year Low – Here’s What Happened

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s share price reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as $7.15 and last traded at $7.10, with a volume of 182,452 shares changing hands. The stock had previously closed at $7.37.

Wall Street Analyst Weigh In

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 assigned a Buy rating and two have assigned 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 Performance

The company has a market cap of $526.04 million, a PE ratio of 16.18 and a beta of 1.15. The company has a 50 day simple moving average of $9.17 and a two-hundred day simple moving average of $13.74.

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

Insider Transactions at Gilat Satellite Networks

In other news, Director Amir Ofek sold 3,923 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was 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 SEC, which can be accessed through this link. Insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. AWM Investment Company Inc. bought a new position in shares of Gilat Satellite Networks during the 2nd quarter worth about $13,792,000. Van ECK Associates Corp boosted its stake 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 valued at $23,949,000 after buying an additional 577,479 shares in the last quarter. Y.D. More Investments Ltd boosted its stake in Gilat Satellite Networks by 77.3% in the 1st quarter. Y.D. More Investments Ltd now owns 715,697 shares of the communications equipment provider’s stock valued at $10,560,000 after buying an additional 311,951 shares in the last quarter. Swiss National Bank acquired a new stake in Gilat Satellite Networks in the 1st quarter valued at $2,159,000. Finally, Penn Capital Management Company LLC grew its position in Gilat Satellite Networks by 292.6% in the second quarter. Penn Capital Management Company LLC now owns 139,273 shares of the communications equipment provider’s stock valued at $1,854,000 after acquiring an additional 103,798 shares during the period. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd. is an Israel-based provider of satellite networking technology and services. The company develops and supplies very small aperture terminal (VSAT) systems, satellite hubs, antennas, modems and related ground infrastructure used to deliver broadband connectivity and other communications services.

Gilat’s solutions support telecommunications operators, internet service providers, enterprises, governments and defense organizations. Its offerings are used for cellular backhaul and access, enterprise networking, community broadband, in-flight connectivity, maritime communications, mobility applications and other situations where terrestrial networks may be unavailable or insufficient.