Gilat Satellite Networks (NASDAQ:GILT) Shares Gap Up – Here’s Why

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $11.41, but opened at $11.88. Gilat Satellite Networks shares last traded at $11.7950, with a volume of 69,882 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have weighed in on GILT shares. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 price target on shares of Gilat Satellite Networks in a research report on Tuesday, November 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gilat Satellite Networks in a report on Monday. Wall Street Zen cut Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Finally, Zacks Research downgraded Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.00.

Gilat Satellite Networks Stock Up 1.3%

The company has a market cap of $673.93 million, a price-to-earnings ratio of 28.73 and a beta of 0.66. The company has a current ratio of 1.72, a quick ratio of 1.45 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average of $12.96 and a two-hundred day moving average of $9.75.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings data on Wednesday, November 12th. The communications equipment provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.13 by $0.06. The company had revenue of $117.69 million for the quarter, compared to analyst estimates of $112.19 million. Gilat Satellite Networks had a return on equity of 10.40% and a net margin of 6.03%. As a group, equities analysts anticipate that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Gilat Satellite Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. acquired a new stake in Gilat Satellite Networks in the 3rd quarter valued at about $26,000. Raymond James Financial Inc. grew its position in shares of Gilat Satellite Networks by 9.8% in the third quarter. Raymond James Financial Inc. now owns 24,412 shares of the communications equipment provider’s stock valued at $318,000 after purchasing an additional 2,173 shares in the last quarter. USA Financial Formulas purchased a new stake in shares of Gilat Satellite Networks in the third quarter valued at approximately $39,000. Tidal Investments LLC lifted its position in Gilat Satellite Networks by 6.8% during the second quarter. Tidal Investments LLC now owns 66,474 shares of the communications equipment provider’s stock worth $471,000 after buying an additional 4,250 shares in the last quarter. Finally, McIlrath & Eck LLC boosted its stake in Gilat Satellite Networks by 383.1% during the third quarter. McIlrath & Eck LLC now owns 5,783 shares of the communications equipment provider’s stock worth $75,000 after buying an additional 4,586 shares during the last quarter. 35.72% of the stock is owned by hedge funds and other institutional investors.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.