ARK Investment Management LLC Has $1.87 Million Position in Gilat Satellite Networks Ltd. (NASDAQ:GILT)

Key Points

• ARK Investment Management LLC reduced its stake in Gilat Satellite Networks by 19.3%, selling 70,209 shares and maintaining ownership of approximately 0.52% of the company worth about $1.87 million.
• Gilat Satellite Networks reported earnings of $0.03 per share, missing analysts' expectations, with a revenue of $92.04 million, below the expected $100.67 million.
• Despite recent changes in holdings, analysts maintain a "buy" rating, with Needham & Company setting a price target of $8.50 for Gilat Satellite Networks stock.

ARK Investment Management LLC cut its position in Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 19.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 294,105 shares of the communications equipment provider's stock after selling 70,209 shares during the period. ARK Investment Management LLC owned 0.52% of Gilat Satellite Networks worth $1,868,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Foundry Partners LLC boosted its position in Gilat Satellite Networks by 9.0% in the fourth quarter. Foundry Partners LLC now owns 909,490 shares of the communications equipment provider's stock valued at $5,593,000 after buying an additional 75,260 shares in the last quarter. Royce & Associates LP acquired a new position in Gilat Satellite Networks in the first quarter valued at about $4,434,000. LBP AM SA raised its stake in shares of Gilat Satellite Networks by 22.3% in the first quarter. LBP AM SA now owns 424,697 shares of the communications equipment provider's stock worth $2,697,000 after acquiring an additional 77,429 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Gilat Satellite Networks by 43.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 215,597 shares of the communications equipment provider's stock worth $1,329,000 after acquiring an additional 65,374 shares during the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. raised its stake in shares of Gilat Satellite Networks by 7.2% in the first quarter. Yelin Lapidot Holdings Management Ltd. now owns 181,549 shares of the communications equipment provider's stock worth $1,153,000 after acquiring an additional 12,235 shares during the last quarter. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.50 target price on shares of Gilat Satellite Networks in a research note on Tuesday, May 20th. Wall Street Zen downgraded shares of Gilat Satellite Networks from a "buy" rating to a "hold" rating in a research note on Wednesday, May 28th.

Gilat Satellite Networks Trading Up 0.7%

NASDAQ GILT traded up $0.06 during trading on Wednesday, reaching $7.62. 115,614 shares of the stock traded hands, compared to its average volume of 412,908. The firm has a market cap of $435.67 million, a price-to-earnings ratio of 31.73 and a beta of 0.40. The stock's 50-day moving average price is $6.76 and its 200 day moving average price is $6.71. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 0.19. Gilat Satellite Networks Ltd. has a fifty-two week low of $4.04 and a fifty-two week high of $8.55.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last issued its quarterly earnings data on Monday, May 19th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.04). The firm had revenue of $92.04 million for the quarter, compared to analyst estimates of $100.67 million. Gilat Satellite Networks had a net margin of 4.32% and a return on equity of 8.16%. Analysts predict that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current year.

Gilat Satellite Networks 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.