Millennium Management LLC Lowers Position in Gilat Satellite Networks Ltd. (NASDAQ:GILT)

Millennium Management LLC decreased its position in Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 80.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,125 shares of the communications equipment provider's stock after selling 58,161 shares during the quarter. Millennium Management LLC's holdings in Gilat Satellite Networks were worth $87,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Covestor Ltd bought a new stake in shares of Gilat Satellite Networks during the 4th quarter valued at $29,000. Quarry LP purchased a new position in Gilat Satellite Networks during the fourth quarter valued at $68,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Gilat Satellite Networks during the fourth quarter valued at about $85,000. Boothbay Fund Management LLC purchased a new stake in Gilat Satellite Networks in the fourth quarter worth about $86,000. Finally, Heron Bay Capital Management bought a new position in shares of Gilat Satellite Networks in the fourth quarter worth about $88,000. 35.72% of the stock is owned by hedge funds and other institutional investors.

Gilat Satellite Networks Price Performance

Shares of GILT traded down $0.11 during trading hours on Tuesday, reaching $6.28. 220,663 shares of the stock traded hands, compared to its average volume of 313,356. The company has a market cap of $358.09 million, a P/E ratio of 26.17 and a beta of 0.32. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 0.19. The company's 50-day moving average price is $6.16 and its two-hundred day moving average price is $6.45. Gilat Satellite Networks Ltd. has a 52-week low of $4.04 and a 52-week high of $8.05.

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

Wall Street Analyst Weigh In

GILT has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $8.50 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, May 20th. Wall Street Zen cut shares of Gilat Satellite Networks from a "buy" rating to a "hold" rating in a research note on Wednesday, May 28th.

About Gilat Satellite Networks

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.