Gilat Satellite Networks (NASDAQ:GILT) Trading Down 5.9% – What’s Next?

Gilat Satellite Networks Ltd. (NASDAQ:GILT) was down 5.9% during mid-day trading on Friday . The stock traded as low as $17.89 and last traded at $18.2720. Approximately 573,316 shares changed hands during trading, a decline of 42% from the average daily volume of 982,416 shares. The stock had previously closed at $19.42.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GILT shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Gilat Satellite Networks in a report on Monday, December 29th. Freedom Capital downgraded Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Wall Street Zen lowered Gilat Satellite Networks from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $16.00 price objective on shares of Gilat Satellite Networks in a report on Tuesday, November 25th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.00.

Gilat Satellite Networks Stock Down 4.5%

The stock has a 50 day moving average price of $14.87 and a 200 day moving average price of $12.47. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.45 and a current ratio of 1.72. The company has a market capitalization of $1.06 billion, a P/E ratio of 45.25 and a beta of 0.82.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings data on Wednesday, November 12th. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. The business had revenue of $117.69 million during the quarter, compared to the consensus estimate of $112.19 million. Gilat Satellite Networks had a net margin of 6.03% and a return on equity of 10.40%. Equities research analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gilat Satellite Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GILT. Cullen Frost Bankers Inc. purchased a new stake in shares of Gilat Satellite Networks in the 3rd quarter valued at about $26,000. SBI Securities Co. Ltd. lifted its position in Gilat Satellite Networks by 82.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 960 shares during the last quarter. USA Financial Formulas purchased a new position in Gilat Satellite Networks in the 3rd quarter worth approximately $39,000. Signaturefd LLC increased its holdings in shares of Gilat Satellite Networks by 104.5% in the 4th quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider’s stock worth $53,000 after buying an additional 2,105 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Gilat Satellite Networks during the 3rd quarter valued at $64,000. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

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.