Gilat Satellite Networks (NASDAQ:GILT) Shares Gap Up – Should You Buy?

Gilat Satellite Networks Ltd. (NASDAQ:GILT) gapped up prior to trading on Monday . The stock had previously closed at $11.81, but opened at $12.48. Gilat Satellite Networks shares last traded at $12.4020, with a volume of 167,096 shares trading hands.

Wall Street Analysts Forecast Growth

GILT has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. Finally, Zacks Research downgraded shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Price Performance

The stock has a 50 day moving average price of $15.86 and a 200-day moving average price of $15.99. The stock has a market capitalization of $982.68 million, a P/E ratio of 26.10 and a beta of 1.00.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter. Gilat Satellite Networks had a net margin of 6.80% and a return on equity of 11.65%. The firm had revenue of $110.47 million for the quarter. Research analysts predict that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Gilat Satellite Networks news, insider Arieh Rohrstock sold 17,568 shares of Gilat Satellite Networks stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total transaction of $267,560.64. Following the sale, the insider directly owned 7,531 shares of the company’s stock, valued at approximately $114,697.13. The trade was a 69.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Gilat Satellite Networks

Institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its position in Gilat Satellite Networks by 241.6% during the first quarter. Bank of America Corp DE now owns 25,658 shares of the communications equipment provider’s stock valued at $385,000 after buying an additional 18,146 shares during the period. Public Employees Retirement System of Ohio grew 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 buying an additional 15,316 shares during the period. Sei Investments Co. grew 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 buying an additional 23,031 shares during the period. Swiss National Bank bought a new position in shares of Gilat Satellite Networks in the 1st quarter worth about $2,159,000. Finally, Y.D. More Investments Ltd increased its stake 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 acquiring an additional 311,951 shares in the last quarter. 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.