Gilat Satellite Networks Ltd. (NASDAQ:GILT – Get Free Report) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 954,002 shares, a decrease of 47.5% from the March 15th total of 1,816,866 shares. Based on an average daily volume of 803,855 shares, the short-interest ratio is presently 1.2 days. Currently, 1.3% of the company’s stock are sold short.
Insider Activity at Gilat Satellite Networks
In other news, insider Doron Kerbel sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $18.03, for a total value of $135,225.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Adi Sfadia sold 48,978 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $16.85, for a total transaction of $825,279.30. The disclosure for this sale is available in the SEC filing. 1.13% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the stock. Clal Insurance Enterprises Holdings Ltd boosted its holdings in shares of Gilat Satellite Networks by 118.2% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,154,120 shares of the communications equipment provider’s stock valued at $51,992,000 after acquiring an additional 2,250,000 shares during the last quarter. Penserra Capital Management LLC boosted its holdings in shares of Gilat Satellite Networks by 831.1% in the 3rd quarter. Penserra Capital Management LLC now owns 1,193,094 shares of the communications equipment provider’s stock valued at $15,533,000 after acquiring an additional 1,064,959 shares during the last quarter. Defiance ETFs LLC purchased a new stake in shares of Gilat Satellite Networks in the 4th quarter valued at $13,555,000. UBS Group AG boosted its holdings in shares of Gilat Satellite Networks by 613.4% in the 3rd quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock valued at $12,545,000 after acquiring an additional 828,489 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Gilat Satellite Networks by 995.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 907,794 shares of the communications equipment provider’s stock valued at $11,755,000 after acquiring an additional 824,949 shares during the last quarter. Institutional investors and hedge funds own 35.72% of the company’s stock.
Gilat Satellite Networks Price Performance
Gilat Satellite Networks (NASDAQ:GILT – Get Free Report) last issued its quarterly earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Gilat Satellite Networks had a net margin of 4.59% and a return on equity of 10.36%. The business had revenue of $136.96 million for the quarter, compared to analyst estimates of $133.56 million. As a group, equities research analysts predict that Gilat Satellite Networks will post 0.5 earnings per share for the current year.
Wall Street Analyst Weigh In
GILT has been the subject of several recent analyst reports. Freedom Capital upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Gilat Satellite Networks in a research note on Monday, December 29th. Wall Street Zen lowered shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.00.
Get Our Latest Stock Analysis on Gilat Satellite Networks
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.
Featured Articles
Receive News & Ratings for Gilat Satellite Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gilat Satellite Networks and related companies with MarketBeat.com's FREE daily email newsletter.
