Gilat Satellite Networks (NASDAQ:GILT) Shares Gap Down – Time to Sell?

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) gapped down before the market opened on Wednesday . The stock had previously closed at $19.91, but opened at $16.20. Gilat Satellite Networks shares last traded at $15.4090, with a volume of 796,794 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on GILT shares. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Gilat Satellite Networks in a research note on Tuesday, February 10th. Freedom Capital upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Finally, Wall Street Zen downgraded Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Gilat Satellite Networks Trading Down 22.2%

The firm has a market cap of $1.14 billion, a P/E ratio of 46.71 and a beta of 1.05. The business’s fifty day simple moving average is $17.50 and its 200-day simple moving average is $15.44.

Gilat Satellite Networks (NASDAQ:GILT) last posted its earnings results on Wednesday, May 13th. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.14. The firm had revenue of $110.47 million for the quarter, compared to the consensus estimate of $114.56 million. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%. As a group, research analysts expect that Gilat Satellite Networks Ltd. will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Gilat Satellite Networks

In other news, CEO Adi Sfadia sold 48,978 shares of the company’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total value of $825,279.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Doron Kerbel sold 7,500 shares of the company’s 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 SEC filing for this sale provides additional information. Corporate insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GILT. Cetera Investment Advisers bought a new position in shares of Gilat Satellite Networks in the second quarter worth $191,000. Russell Investments Group Ltd. increased its holdings in shares of Gilat Satellite Networks by 39.6% in the second quarter. Russell Investments Group Ltd. now owns 122,685 shares of the communications equipment provider’s stock worth $870,000 after purchasing an additional 34,810 shares during the period. Marshall Wace LLP increased its holdings in shares of Gilat Satellite Networks by 1.6% in the second quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider’s stock worth $3,643,000 after purchasing an additional 8,105 shares during the period. Jane Street Group LLC increased its holdings in shares of Gilat Satellite Networks by 298.7% in the second quarter. Jane Street Group LLC now owns 68,222 shares of the communications equipment provider’s stock worth $484,000 after purchasing an additional 51,109 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Gilat Satellite Networks by 23.2% in the second quarter. Bank of America Corp DE now owns 121,258 shares of the communications equipment provider’s stock worth $860,000 after purchasing an additional 22,817 shares during the period. Institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Company Profile

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.