Gilat Satellite Networks (NASDAQ:GILT) Stock Price Up 8.1% – Here’s Why

Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares rose 8.1% on Thursday . The company traded as high as $14.56 and last traded at $14.6650. Approximately 299,081 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 918,614 shares. The stock had previously closed at $13.56.

Analyst Ratings Changes

GILT has been the topic of a number of analyst reports. Wall Street Zen lowered shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Zacks Research upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $20.00.

Gilat Satellite Networks Stock Performance

The stock has a market cap of $1.11 billion, a PE ratio of 29.41 and a beta of 1.00. The company’s 50 day simple moving average is $17.08 and its 200 day simple moving average is $15.86.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.18 EPS for the quarter. The firm had revenue of $110.47 million during the quarter. Gilat Satellite Networks had a net margin of 6.80% and a return on equity of 11.65%. Equities research analysts expect that Gilat Satellite Networks Ltd. will post 0.7 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Adi Sfadia sold 48,978 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total transaction of $825,279.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Doron Kerbel sold 7,500 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $18.03, for a total transaction of $135,225.00. The SEC filing for this sale provides additional information. 1.13% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Y.D. More Investments Ltd grew its position in shares of Gilat Satellite Networks by 913.0% during the 4th quarter. Y.D. More Investments Ltd now owns 403,746 shares of the communications equipment provider’s stock valued at $5,235,000 after acquiring an additional 363,890 shares during the period. LBP AM SA grew its position in shares of Gilat Satellite Networks by 31.7% during the 4th quarter. LBP AM SA now owns 961,719 shares of the communications equipment provider’s stock valued at $12,445,000 after acquiring an additional 231,258 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Gilat Satellite Networks during the 4th quarter valued at approximately $1,693,000. Clal Insurance Enterprises Holdings Ltd grew its position in shares of Gilat Satellite Networks by 118.2% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,154,120 shares of the communications equipment provider’s stock valued at $51,992,000 after acquiring an additional 2,250,000 shares during the period. Finally, Royce & Associates LP grew its position in shares of Gilat Satellite Networks by 12.4% during the 3rd quarter. Royce & Associates LP now owns 1,198,560 shares of the communications equipment provider’s stock valued at $15,605,000 after acquiring an additional 132,599 shares during the period. 35.72% of the stock is owned by institutional investors.

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.