Gilat Satellite Networks (NASDAQ:GILT) Hits New 52-Week Low – Here’s Why

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s stock price reached a new 52-week low during trading on Wednesday. The stock traded as low as $7.15 and last traded at $7.10, with a volume of 182,452 shares. The stock had previously closed at $7.37.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Gilat Satellite Networks in a research note on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Gilat Satellite Networks Price Performance

The firm has a fifty day moving average of $9.17 and a 200 day moving average of $13.74. The stock has a market cap of $526.04 million, a price-to-earnings ratio of 16.18 and a beta of 1.15.

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

Insider Activity at Gilat Satellite Networks

In other news, Director Amir Ofek sold 3,923 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $11.41, for a total transaction of $44,761.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.13% of the company’s stock.

Institutional Trading of Gilat Satellite Networks

A number of large investors have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its stake in Gilat Satellite Networks by 103.4% during the 2nd quarter. NewEdge Advisors LLC now owns 2,091 shares of the communications equipment provider’s stock valued at $28,000 after acquiring an additional 1,063 shares during the last quarter. Summit Securities Group LLC acquired a new position in Gilat Satellite Networks in the first quarter valued at approximately $48,000. Seven Mile Advisory acquired a new position in Gilat Satellite Networks in the third quarter valued at approximately $105,000. Y Intercept Hong Kong Ltd bought a new position in shares of Gilat Satellite Networks during the first quarter valued at approximately $169,000. Finally, StoneX Group Inc. acquired a new stake in shares of Gilat Satellite Networks during the 3rd quarter worth approximately $120,000. 35.72% of the stock is owned by institutional investors and hedge funds.

About Gilat Satellite Networks

Gilat Satellite Networks Ltd. is an Israel-based provider of satellite networking technology and services. The company develops and supplies very small aperture terminal (VSAT) systems, satellite hubs, antennas, modems and related ground infrastructure used to deliver broadband connectivity and other communications services.

Gilat’s solutions support telecommunications operators, internet service providers, enterprises, governments and defense organizations. Its offerings are used for cellular backhaul and access, enterprise networking, community broadband, in-flight connectivity, maritime communications, mobility applications and other situations where terrestrial networks may be unavailable or insufficient.