Acadian Asset Management LLC Acquires 124,794 Shares of Gilat Satellite Networks Ltd. $GILT

Key Points

• Acadian Asset Management LLC increased its stake in Gilat Satellite Networks by 24.3%, acquiring an additional 124,794 shares, bringing its total ownership to approximately 1.12% valued at $4.04 million.
• Gilat Satellite Networks reported a quarterly earnings per share of $0.21, significantly beating analysts' estimates of $0.04, with revenues of $105 million.
• Following the positive earnings, several analysts upgraded Gilat Satellite Networks' rating to "strong-buy," reflecting increased confidence in the company's performance and potential growth.

Acadian Asset Management LLC lifted its holdings in Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 24.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 638,854 shares of the communications equipment provider's stock after purchasing an additional 124,794 shares during the quarter. Acadian Asset Management LLC owned about 1.12% of Gilat Satellite Networks worth $4,044,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Bell Private Wealth Management LLC acquired a new position in shares of Gilat Satellite Networks in the 1st quarter valued at approximately $67,000. State of Wyoming acquired a new position in shares of Gilat Satellite Networks in the 1st quarter valued at approximately $101,000. Flaharty Asset Management LLC acquired a new position in shares of Gilat Satellite Networks in the 1st quarter valued at approximately $108,000. Ritholtz Wealth Management acquired a new position in shares of Gilat Satellite Networks in the 1st quarter valued at approximately $111,000. Finally, Walleye Capital LLC acquired a new position in shares of Gilat Satellite Networks in the 1st quarter valued at approximately $111,000. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on GILT shares. Wall Street Zen upgraded Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Needham & Company LLC boosted their price objective on Gilat Satellite Networks from $8.50 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Zacks Research upgraded Gilat Satellite Networks to a "strong-buy" rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to data from MarketBeat.com, Gilat Satellite Networks currently has a consensus rating of "Buy" and a consensus target price of $11.00.

Gilat Satellite Networks Stock Up 2.0%

Shares of Gilat Satellite Networks stock traded up $0.23 on Friday, reaching $11.63. 2,470,480 shares of the company were exchanged, compared to its average volume of 810,020. Gilat Satellite Networks Ltd. has a one year low of $4.72 and a one year high of $11.81. The company has a market capitalization of $665.35 million, a price-to-earnings ratio of 29.82 and a beta of 0.51. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average of $9.08 and a 200 day moving average of $7.34.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.17. Gilat Satellite Networks had a return on equity of 10.05% and a net margin of 6.41%.The company had revenue of $105.00 million for the quarter, compared to analysts' expectations of $100.99 million. On average, equities research analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current year.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.