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

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.81, but opened at $12.48. Gilat Satellite Networks shares last traded at $12.4020, with a volume of 167,096 shares traded.

Analyst Ratings Changes

Several research analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, June 16th. Zacks Research cut Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Gilat Satellite Networks currently has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Gilat Satellite Networks Stock Up 8.1%

The stock has a market capitalization of $942.88 million, a P/E ratio of 25.04 and a beta of 1.00. The business’s 50 day simple moving average is $16.09 and its two-hundred day simple moving average is $15.97.

Gilat Satellite Networks (NASDAQ:GILT) last posted its earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share for the quarter. The company had revenue of $110.47 million for the quarter. Gilat Satellite Networks had a net margin of 6.80% and a return on equity of 11.65%. Analysts predict that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current year.

Insider Buying and Selling at Gilat Satellite Networks

In related news, insider Arieh Rohrstock sold 17,568 shares of Gilat Satellite Networks stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total transaction of $267,560.64. Following the transaction, the insider owned 7,531 shares of the company’s stock, valued at $114,697.13. The trade was a 69.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Gilat Satellite Networks

Large investors have recently bought and sold shares of the stock. Huntington National Bank grew its stake in shares of Gilat Satellite Networks by 200,000.0% in the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after acquiring an additional 2,000 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Gilat Satellite Networks by 82.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 960 shares in the last quarter. Smartleaf Asset Management LLC purchased a new position in Gilat Satellite Networks during the fourth quarter worth about $39,000. Summit Securities Group LLC purchased a new position in Gilat Satellite Networks during the first quarter worth about $48,000. Finally, Signaturefd LLC grew its position in Gilat Satellite Networks by 104.5% in the 4th 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 in the last quarter. 35.72% of the stock is currently 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.