Gilat Satellite Networks Ltd. (NASDAQ:GILT – Get Free Report)’s share price rose 10.4% during mid-day trading on Tuesday . The company traded as high as $17.54 and last traded at $17.37. Approximately 420,476 shares changed hands during trading, a decline of 53% from the average daily volume of 902,470 shares. The stock had previously closed at $15.73.
Analyst Ratings Changes
GILT has been the topic of a number of research reports. Wall Street Zen downgraded shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. Freedom Capital upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. Finally, Zacks Research upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Gilat Satellite Networks has a consensus rating of “Buy” and an average target price of $20.00.
Read Our Latest Stock Analysis on GILT
Gilat Satellite Networks Stock Performance
Gilat Satellite Networks (NASDAQ:GILT – Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share for the quarter. The business had revenue of $110.47 million for the quarter. Gilat Satellite Networks had a net margin of 6.80% and a return on equity of 11.65%. Analysts forecast that Gilat Satellite Networks Ltd. will post 0.7 EPS for the current year.
Insider Buying and Selling
In related news, CEO Adi Sfadia sold 48,978 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total value of $825,279.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Doron Kerbel sold 7,500 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $18.03, for a total transaction of $135,225.00. The disclosure for this sale is available in the SEC filing. Company insiders own 1.13% of the company’s stock.
Institutional Trading of Gilat Satellite Networks
A number of hedge funds have recently modified their holdings of GILT. Cullen Frost Bankers Inc. acquired a new stake in shares of Gilat Satellite Networks in the 3rd quarter valued at approximately $26,000. Huntington National Bank increased its stake in Gilat Satellite Networks by 200,000.0% during the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after purchasing an additional 2,000 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in Gilat Satellite Networks by 82.1% during the 4th quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 960 shares in the last quarter. Smartleaf Asset Management LLC bought a new stake in Gilat Satellite Networks during the 4th quarter worth approximately $39,000. Finally, Summit Securities Group LLC bought a new stake in Gilat Satellite Networks during the 1st quarter worth approximately $48,000. 35.72% of the stock is currently owned by institutional investors and hedge funds.
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.
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