Short Interest in Gilat Satellite Networks Ltd. (NASDAQ:GILT) Drops By 32.9%

Gilat Satellite Networks Ltd. (NASDAQ:GILT) was the recipient of a large 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. Based on an average trading volume of 721,272 shares, the short-interest ratio is presently 2.5 days. Approximately 2.5% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

GILT has been the topic of several research reports. Weiss Ratings restated a “hold (c+)” rating on shares of Gilat Satellite Networks in a research report on Monday, December 29th. Wall Street Zen lowered shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Freedom Capital raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Gilat Satellite Networks has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Trading Down 7.1%

Shares of GILT stock traded down $1.18 during mid-day trading on Friday, reaching $15.39. The stock had a trading volume of 492,525 shares, compared to its average volume of 808,111. The stock’s 50-day moving average price is $16.87 and its two-hundred day moving average price is $14.33. The firm has a market capitalization of $1.14 billion, a PE ratio of 46.64 and a beta of 0.82. Gilat Satellite Networks has a 52-week low of $5.30 and a 52-week high of $20.38.

Gilat Satellite Networks (NASDAQ:GILT) last posted its earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. The company had revenue of $136.96 million for the quarter, compared to analysts’ expectations of $133.56 million. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%. On average, equities research analysts forecast that Gilat Satellite Networks will post 0.5 earnings per share for the current year.

Insider Transactions at Gilat Satellite Networks

In other Gilat Satellite Networks news, insider Doron Kerbel sold 7,500 shares of Gilat Satellite Networks 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Adi Sfadia sold 48,978 shares of Gilat Satellite Networks 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Gilat Satellite Networks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cullen Frost Bankers Inc. purchased a new stake in Gilat Satellite Networks in the third quarter worth $26,000. Huntington National Bank raised its holdings in 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 purchasing an additional 2,000 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in Gilat Satellite Networks by 82.1% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 960 shares in the last quarter. USA Financial Formulas bought a new stake in shares of Gilat Satellite Networks during the 3rd quarter valued at about $39,000. Finally, Smartleaf Asset Management LLC purchased a new position in shares of Gilat Satellite Networks during the fourth quarter valued at about $39,000. 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.