Gilat Satellite Networks Ltd. (NASDAQ:GILT) Short Interest Down 49.0% in June

Gilat Satellite Networks Ltd. (NASDAQ:GILT) saw a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 180,600 shares, a drop of 49.0% from the June 15th total of 354,300 shares. Currently, 0.6% of the company’s stock are sold short. Based on an average daily volume of 362,900 shares, the days-to-cover ratio is presently 0.5 days.

Gilat Satellite Networks stock traded down $0.07 during midday trading on Friday, hitting $6.30. The stock had a trading volume of 204,249 shares, compared to its average volume of 357,951. The stock has a market cap of $349.59 million, a P/E ratio of 16.15 and a beta of 0.96. Gilat Satellite Networks has a 12 month low of $4.70 and a 12 month high of $10.76. The business has a fifty day moving average price of $7.22 and a 200 day moving average price of $8.13.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings data on Wednesday, June 3rd. The communications equipment provider reported ($0.16) earnings per share for the quarter. The firm had revenue of $47.67 million during the quarter. Gilat Satellite Networks had a net margin of 8.82% and a return on equity of 4.45%.

Hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC boosted its stake in Gilat Satellite Networks by 119.1% in the first quarter. Tower Research Capital LLC TRC now owns 3,733 shares of the communications equipment provider’s stock valued at $26,000 after acquiring an additional 2,029 shares during the period. Wells Fargo & Company MN acquired a new position in shares of Gilat Satellite Networks during the first quarter worth approximately $30,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Gilat Satellite Networks during the first quarter worth approximately $76,000. Gamco Investors INC. ET AL acquired a new position in shares of Gilat Satellite Networks during the first quarter worth approximately $100,000. Finally, Goldman Sachs Group Inc. acquired a new position in shares of Gilat Satellite Networks during the fourth quarter worth approximately $112,000. Institutional investors own 28.63% of the company’s stock.

GILT has been the topic of several research reports. TheStreet lowered Gilat Satellite Networks from a “b” rating to a “c+” rating in a research report on Monday, June 8th. BidaskClub lowered Gilat Satellite Networks from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 2nd.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions and services in Israel, Latin America, Asia, the Asia Pacific, North America, Africa, Europe, and CIS countries. It operates through three segments: Fixed Networks, Mobility Solutions, and Terrestrial Infrastructure Projects.

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