Gilat Satellite Networks Ltd. $GILT Stock: Penn Capital Management Company LLC Raises Holdings

Key Points

• Penn Capital Management nearly doubled its Gilat Satellite Networks stake in the third quarter, adding 138,238 shares to reach 277,511 shares, valued at about $2.74 million.
• Other institutional investors also added to or initiated positions; institutions collectively own 35.72% of the company’s stock.
• Analysts’ consensus is “Moderate Buy,” with a $20 price target. GILT opened at $7.58, well below its one-year high of $20.93.

Penn Capital Management Company LLC lifted its stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 99.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 277,511 shares of the communications equipment provider's stock after purchasing an additional 138,238 shares during the quarter. Penn Capital Management Company LLC owned about 0.38% of Gilat Satellite Networks worth $2,739,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. NewEdge Advisors LLC lifted its position in Gilat Satellite Networks by 103.4% in the 2nd quarter. NewEdge Advisors LLC now owns 2,091 shares of the communications equipment provider's stock valued at $28,000 after purchasing an additional 1,063 shares during the last quarter. Seven Mile Advisory bought a new position in Gilat Satellite Networks in the 3rd quarter worth about $105,000. Y Intercept Hong Kong Ltd bought a new position in Gilat Satellite Networks in the 1st quarter worth about $169,000. StoneX Group Inc. acquired a new stake in shares of Gilat Satellite Networks in the third quarter valued at approximately $120,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Gilat Satellite Networks by 47.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 25,384 shares of the communications equipment provider's stock valued at $251,000 after purchasing an additional 8,163 shares during the period. Institutional investors own 35.72% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Gilat Satellite Networks in a research note on Monday, September 14th. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

Gilat Satellite Networks Price Performance

GILT opened at $7.58 on Tuesday. The company has a market capitalization of $559.63 million, a price-to-earnings ratio of 9.94 and a beta of 1.15. Gilat Satellite Networks Ltd. has a 1-year low of $6.45 and a 1-year high of $20.93. The business has a 50 day moving average price of $8.93 and a two-hundred day moving average price of $13.53.

Gilat Satellite Networks Profile

Gilat Satellite Networks Ltd. is an Israel-based provider of satellite networking technology and services. The company develops and supplies very small aperture terminal (VSAT) systems, satellite hubs, antennas, modems and related ground infrastructure used to deliver broadband connectivity and other communications services.

Gilat's solutions support telecommunications operators, internet service providers, enterprises, governments and defense organizations. Its offerings are used for cellular backhaul and access, enterprise networking, community broadband, in-flight connectivity, maritime communications, mobility applications and other situations where terrestrial networks may be unavailable or insufficient.

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