Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) were down 7.1% during mid-day trading on Tuesday . The stock traded as low as $12.35 and last traded at $14.07. Approximately 3,639,092 shares traded hands during trading, an increase of 16% from the average daily volume of 3,139,765 shares. The stock had previously closed at $15.14.

Separately, TheStreet raised shares of Gilat Satellite Networks from a “c-” rating to a “b” rating in a research note on Tuesday, February 16th.

The company’s 50 day moving average price is $12.23 and its 200-day moving average price is $7.34. The stock has a market cap of $780.79 million, a P/E ratio of -216.29 and a beta of 0.63.

Several hedge funds have recently added to or reduced their stakes in GILT. Morgan Stanley increased its position in shares of Gilat Satellite Networks by 45.7% during the third quarter. Morgan Stanley now owns 2,929,663 shares of the communications equipment provider’s stock worth $15,966,000 after buying an additional 919,062 shares during the period. Phoenix Holdings Ltd. acquired a new stake in shares of Gilat Satellite Networks during the fourth quarter worth $4,156,000. Meitav Dash Investments Ltd. increased its position in shares of Gilat Satellite Networks by 63.3% during the fourth quarter. Meitav Dash Investments Ltd. now owns 248,973 shares of the communications equipment provider’s stock worth $1,620,000 after buying an additional 96,543 shares during the period. Penserra Capital Management LLC increased its position in shares of Gilat Satellite Networks by 39.5% during the fourth quarter. Penserra Capital Management LLC now owns 239,749 shares of the communications equipment provider’s stock worth $1,563,000 after buying an additional 67,847 shares during the period. Finally, ARK Investment Management LLC acquired a new stake in shares of Gilat Satellite Networks during the third quarter worth $862,000. 31.08% of the stock is owned by hedge funds and other institutional investors.

About Gilat Satellite Networks (NASDAQ:GILT)

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions and services in Latin America, the Asia Pacific, North America, Europe, the Middle East, and Africa. It operates through three segments: Fixed Networks, Mobility Solutions, and Terrestrial Infrastructure Projects.

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