Potomac Capital Management Inc. Purchases Shares of 91,200 Gilat Satellite Networks Ltd. $GILT

Potomac Capital Management Inc. purchased a new stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 91,200 shares of the communications equipment provider’s stock, valued at approximately $1,180,000. Gilat Satellite Networks comprises approximately 0.9% of Potomac Capital Management Inc.’s investment portfolio, making the stock its 25th largest holding. Potomac Capital Management Inc. owned 0.16% of Gilat Satellite Networks at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. O Shaughnessy Asset Management LLC raised its position in Gilat Satellite Networks by 66.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 48,980 shares of the communications equipment provider’s stock valued at $634,000 after purchasing an additional 19,552 shares during the last quarter. State of Wyoming bought a new position in Gilat Satellite Networks during the 4th quarter valued at approximately $106,000. Goldman Sachs Group Inc. raised its position in Gilat Satellite Networks by 1,205.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 882,983 shares of the communications equipment provider’s stock valued at $11,426,000 after purchasing an additional 815,360 shares during the last quarter. Huntington National Bank raised 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 purchasing an additional 2,000 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Gilat Satellite Networks by 7.9% during the 4th quarter. Geode Capital Management LLC now owns 33,650 shares of the communications equipment provider’s stock valued at $435,000 after purchasing an additional 2,460 shares during the last quarter. Institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Stock Performance

Shares of NASDAQ:GILT opened at $13.79 on Wednesday. Gilat Satellite Networks Ltd. has a 52-week low of $6.07 and a 52-week high of $20.93. The firm has a market capitalization of $1.02 billion, a P/E ratio of 27.04 and a beta of 1.00. The stock has a 50 day moving average price of $17.10 and a 200-day moving average price of $15.81.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on GILT. Zacks Research raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Wall Street Zen lowered Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. Finally, Freedom Capital raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $20.00.

Insider Activity at Gilat Satellite Networks

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

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.