Gilat Satellite Networks (NASDAQ:GILT) Trading Down 7.5% – Here’s What Happened

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s share price traded down 7.5% on Monday . The company traded as low as $15.83 and last traded at $15.88. 739,880 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 928,442 shares. The stock had previously closed at $17.17.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Zacks Research upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Wall Street Zen cut shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note 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 note on Tuesday, February 10th. Finally, Freedom Capital raised shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Price Performance

The firm has a fifty day moving average price of $17.30 and a two-hundred day moving average price of $15.65. The stock has a market capitalization of $1.18 billion, a PE ratio of 31.29 and a beta of 1.00.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share 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 for the quarter. On average, research analysts expect that Gilat Satellite Networks Ltd. will post 0.7 earnings per share for the current fiscal year.

Insider Activity

In other Gilat Satellite Networks news, insider Doron Kerbel sold 7,500 shares of the business’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.03, for a total value of $135,225.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adi Sfadia sold 48,978 shares of the business’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total transaction of $825,279.30. The SEC filing for this sale provides additional information. 1.13% of the stock is owned by insiders.

Institutional Investors Weigh In On Gilat Satellite Networks

Several hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its position in shares of Gilat Satellite Networks by 241.6% in the 1st quarter. Bank of America Corp DE now owns 25,658 shares of the communications equipment provider’s stock worth $385,000 after purchasing an additional 18,146 shares during the period. Public Employees Retirement System of Ohio lifted its position in shares of Gilat Satellite Networks by 57.2% in the 1st quarter. Public Employees Retirement System of Ohio now owns 42,085 shares of the communications equipment provider’s stock worth $628,000 after purchasing an additional 15,316 shares during the period. Sei Investments Co. lifted its position in shares of Gilat Satellite Networks by 29.7% in the 1st quarter. Sei Investments Co. now owns 100,506 shares of the communications equipment provider’s stock worth $1,510,000 after purchasing an additional 23,031 shares during the period. Swiss National Bank purchased a new stake in shares of Gilat Satellite Networks in the 1st quarter worth approximately $2,159,000. Finally, Y.D. More Investments Ltd lifted its position in shares of Gilat Satellite Networks by 77.3% in 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 during the period. Hedge funds and other institutional investors own 35.72% of the company’s stock.

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.