Gilat Satellite Networks (NASDAQ:GILT) Cut to Hold at Wall Street Zen

Gilat Satellite Networks (NASDAQ:GILT) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Other analysts have also recently issued reports about the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Gilat Satellite Networks in a report on Monday, December 29th. Freedom Capital cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Needham & Company LLC restated a “buy” rating and issued a $16.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, November 25th. Finally, Zacks Research lowered shares of 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 three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $16.00.

Gilat Satellite Networks Stock Up 1.2%

Shares of NASDAQ:GILT traded up $0.22 on Friday, reaching $18.65. The company had a trading volume of 488,815 shares, compared to its average volume of 766,436. The firm has a market capitalization of $1.07 billion, a PE ratio of 45.49 and a beta of 0.64. The company has a current ratio of 1.72, a quick ratio of 1.45 and a debt-to-equity ratio of 0.14. Gilat Satellite Networks has a 52-week low of $5.30 and a 52-week high of $18.67. The firm’s 50 day simple moving average is $13.43 and its 200-day simple moving average is $11.74.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings data on Wednesday, November 12th. The communications equipment provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. Gilat Satellite Networks had a return on equity of 10.40% and a net margin of 6.03%.The firm had revenue of $117.69 million during the quarter, compared to analysts’ expectations of $112.19 million. As a group, analysts expect that Gilat Satellite Networks will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gilat Satellite Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GILT. Cullen Frost Bankers Inc. acquired a new stake in Gilat Satellite Networks during the 3rd quarter worth about $26,000. USA Financial Formulas purchased a new position in shares of Gilat Satellite Networks in the third quarter worth about $39,000. Signaturefd LLC lifted its holdings in shares of Gilat Satellite Networks by 104.5% during the fourth quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider’s stock worth $53,000 after purchasing an additional 2,105 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Gilat Satellite Networks during the third quarter worth about $64,000. Finally, McIlrath & Eck LLC boosted its position in Gilat Satellite Networks by 383.1% in the third quarter. McIlrath & Eck LLC now owns 5,783 shares of the communications equipment provider’s stock valued at $75,000 after buying an additional 4,586 shares during the last quarter. Hedge funds and other institutional investors own 35.72% of the company’s stock.

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.