Traders Buy Large Volume of Call Options on Gilat Satellite Networks (NASDAQ:GILT)

Gilat Satellite Networks Ltd. (NASDAQ:GILT) was the recipient of unusually large options trading activity on Friday. Traders acquired 4,005 call options on the company. This is an increase of approximately 435% compared to the typical volume of 749 call options.

Gilat Satellite Networks Trading Down 2.5%

NASDAQ:GILT traded down $0.25 during mid-day trading on Friday, hitting $9.70. The stock had a trading volume of 121,945 shares, compared to its average volume of 805,991. The company has a market capitalization of $716.16 million, a PE ratio of 22.14 and a beta of 1.05. The stock has a 50-day simple moving average of $10.76 and a two-hundred day simple moving average of $14.20. Gilat Satellite Networks has a twelve month low of $9.37 and a twelve month high of $20.93.

Gilat Satellite Networks (NASDAQ:GILT) last issued its earnings results on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share for the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%.The business had revenue of $122.66 million for the quarter. Sell-side analysts predict that Gilat Satellite Networks will post 0.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Gilat Satellite Networks

In related news, Director Amir Ofek sold 3,923 shares of Gilat Satellite Networks stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $11.41, for a total value of $44,761.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.13% of the company’s stock.

Institutional Investors Weigh In On Gilat Satellite Networks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GILT. Clal Insurance Enterprises Holdings Ltd grew its holdings in shares of Gilat Satellite Networks by 33.8% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after buying an additional 1,402,035 shares during the last quarter. Van ECK Associates Corp grew its holdings in Gilat Satellite Networks by 47.3% during the second quarter. Van ECK Associates Corp now owns 1,799,354 shares of the communications equipment provider’s stock worth $23,949,000 after acquiring an additional 577,479 shares during the period. Wellington Management Group LLP raised its position in Gilat Satellite Networks by 6.3% in the second quarter. Wellington Management Group LLP now owns 1,094,623 shares of the communications equipment provider’s stock worth $14,569,000 after acquiring an additional 64,917 shares in the last quarter. AWM Investment Company Inc. purchased a new stake in shares of Gilat Satellite Networks during the 2nd quarter worth $13,792,000. Finally, Y.D. More Investments Ltd boosted its position in shares of Gilat Satellite Networks by 77.3% during the 1st quarter. Y.D. More Investments Ltd now owns 715,697 shares of the communications equipment provider’s stock worth $10,560,000 after purchasing an additional 311,951 shares in the last quarter. Hedge funds and other institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd. is an Israel-based provider of satellite networking technology and services. The company develops and supplies satellite-based communications solutions that support broadband connectivity, cellular backhaul, enterprise networking, government communications, and mobility applications.

Its portfolio includes satellite network platforms, very small aperture terminal (VSAT) equipment, satellite modems, antennas, cloud-based network management tools, and managed connectivity services.