Gilat Satellite Networks Ltd. (NASDAQ:GILT) Sees Large Drop in Short Interest

Gilat Satellite Networks Ltd. (NASDAQ:GILT) was the target of a significant drop in short interest in March. As of March 13th, there was short interest totaling 1,816,866 shares, a drop of 32.9% from the February 26th total of 2,706,013 shares. Currently, 2.5% of the shares of the stock are sold short. Based on an average daily volume of 721,272 shares, the days-to-cover ratio is currently 2.5 days.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Freedom Capital upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Gilat Satellite Networks in a research report on Monday, December 29th. Needham & Company LLC reissued a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a report on Tuesday, February 10th. Finally, Wall Street Zen downgraded Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Insider Activity at Gilat Satellite Networks

In other news, CEO Adi Sfadia sold 48,978 shares of the firm’s stock in a transaction 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 legal filing with the SEC, which is available at the SEC website. Also, insider Doron Kerbel sold 7,500 shares of Gilat Satellite Networks stock in a transaction on Friday, March 20th. The stock was sold at an average price of $18.03, for a total transaction of $135,225.00. The disclosure for this sale is available in the SEC filing. Insiders own 1.13% of the company’s stock.

Institutional Trading of Gilat Satellite Networks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cullen Frost Bankers Inc. bought a new position in shares of Gilat Satellite Networks in the third quarter worth approximately $26,000. Huntington National Bank boosted its position in Gilat Satellite Networks by 200,000.0% during the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock valued at $26,000 after buying an additional 2,000 shares during the period. SBI Securities Co. Ltd. boosted its position in Gilat Satellite Networks by 82.1% during the 4th quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock valued at $28,000 after buying an additional 960 shares during the period. USA Financial Formulas bought a new stake in Gilat Satellite Networks in the 3rd quarter worth $39,000. Finally, Smartleaf Asset Management LLC bought a new stake in Gilat Satellite Networks in the 4th quarter worth $39,000. Institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Price Performance

NASDAQ GILT traded down $1.12 during trading on Monday, hitting $14.27. 638,684 shares of the company’s stock traded hands, compared to its average volume of 796,146. The stock has a fifty day moving average of $16.80 and a two-hundred day moving average of $14.38. Gilat Satellite Networks has a 12-month low of $5.30 and a 12-month high of $20.38. The firm has a market cap of $1.05 billion, a P/E ratio of 43.24 and a beta of 0.82.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings data on Tuesday, February 10th. The communications equipment provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%.The firm had revenue of $136.96 million for the quarter, compared to the consensus estimate of $133.56 million. As a group, analysts expect that Gilat Satellite Networks will post 0.5 earnings per share for the current fiscal year.

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.