Gilat Satellite Networks Ltd. $GILT Shares Purchased by Penn Capital Management Company LLC

Key Points

• Penn Capital Management increased its Gilat Satellite Networks stake by 292.6% in the second quarter, holding 139,273 shares worth approximately $1.85 million. Institutional investors collectively own 35.72% of the company.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and a $20.00 price target, although Zacks Research downgraded the stock to “hold.”
• Gilat shares opened at $9.94, down 4.1%, near their 52-week low of $9.10. The company reported quarterly EPS of $0.20 on revenue of $122.66 million.

Penn Capital Management Company LLC raised its stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 292.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 139,273 shares of the communications equipment provider's stock after buying an additional 103,798 shares during the quarter. Penn Capital Management Company LLC owned about 0.19% of Gilat Satellite Networks worth $1,854,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Van ECK Associates Corp raised its holdings in shares of Gilat Satellite Networks by 47.3% in the second quarter. Van ECK Associates Corp now owns 1,799,354 shares of the communications equipment provider's stock worth $23,949,000 after acquiring an additional 577,479 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Gilat Satellite Networks by 6.3% during the second quarter. Wellington Management Group LLP now owns 1,094,623 shares of the communications equipment provider's stock valued at $14,569,000 after acquiring an additional 64,917 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Gilat Satellite Networks by 29.4% during the second quarter. Public Employees Retirement System of Ohio now owns 54,451 shares of the communications equipment provider's stock valued at $723,000 after acquiring an additional 12,366 shares during the last quarter. Bank of America Corp DE increased its position in Gilat Satellite Networks by 41.6% during the 2nd quarter. Bank of America Corp DE now owns 36,326 shares of the communications equipment provider's stock worth $483,000 after purchasing an additional 10,668 shares in the last quarter. Finally, AWM Investment Company Inc. purchased a new stake in Gilat Satellite Networks during the 2nd quarter worth about $13,792,000. Hedge funds and other institutional investors own 35.72% of the company's stock.

Insiders Place Their Bets

In other news, Director Amir Yechiel Ofek sold 3,923 shares of Gilat Satellite Networks stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $11.41, for a total value of $44,761.43. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Arieh Rohrstock sold 17,568 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total transaction of $267,560.64. Following the sale, the insider directly owned 7,531 shares of the company's stock, valued at approximately $114,697.13. This trade represents a 69.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on GILT shares. Needham & Company LLC reissued a "buy" rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. Zacks Research downgraded shares of Gilat Satellite Networks from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Gilat Satellite Networks presently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

Gilat Satellite Networks Trading Down 4.1%

Gilat Satellite Networks stock opened at $9.94 on Friday. The stock has a fifty day moving average price of $11.49 and a 200 day moving average price of $14.71. Gilat Satellite Networks Ltd. has a 52 week low of $9.10 and a 52 week high of $20.93. The firm has a market capitalization of $733.87 million, a P/E ratio of 22.59 and a beta of 1.06.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The communications equipment provider reported $0.20 EPS for the quarter. The company had revenue of $122.66 million during the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%. As a group, equities analysts predict that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current year.

About Gilat Satellite Networks

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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