Millennium Management LLC Cuts Stock Holdings in Gilat Satellite Networks Ltd. (NASDAQ:GILT)

Millennium Management LLC trimmed its position in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 80.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC increased its holdings in Gilat Satellite Networks by 62.9% in the 4th quarter. Lazard Asset Management LLC now owns 167,268 shares of the communications equipment provider's stock worth $1,028,000 after acquiring an additional 64,610 shares in the last quarter. Bank of America Corp DE increased its holdings in Gilat Satellite Networks by 83.4% in the 4th quarter. Bank of America Corp DE now owns 49,526 shares of the communications equipment provider's stock worth $305,000 after acquiring an additional 22,515 shares in the last quarter. Jane Street Group LLC purchased a new stake in Gilat Satellite Networks in the 4th quarter worth $421,000. PDT Partners LLC increased its holdings in Gilat Satellite Networks by 8.4% in the 4th quarter. PDT Partners LLC now owns 29,758 shares of the communications equipment provider's stock worth $183,000 after acquiring an additional 2,305 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its holdings in Gilat Satellite Networks by 22.9% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 53,600 shares of the communications equipment provider's stock worth $330,000 after acquiring an additional 10,000 shares in the last quarter. 35.72% of the stock is owned by hedge funds and other institutional investors.

Gilat Satellite Networks Stock Performance

Shares of Gilat Satellite Networks stock opened at $6.08 on Friday. The firm has a market capitalization of $346.66 million, a P/E ratio of 13.82 and a beta of 0.32. Gilat Satellite Networks Ltd. has a 52 week low of $4.04 and a 52 week high of $8.05. The company has a quick ratio of 2.14, a current ratio of 2.52 and a debt-to-equity ratio of 0.01. The firm's 50 day moving average is $6.12 and its two-hundred day moving average is $6.43.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last issued its quarterly earnings results on Monday, May 19th. The communications equipment provider reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.04). The company had revenue of $92.04 million for the quarter, compared to analyst estimates of $100.67 million. Gilat Satellite Networks had a return on equity of 9.74% and a net margin of 8.14%. Research analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GILT. Wall Street Zen lowered shares of Gilat Satellite Networks from a "buy" rating to a "hold" rating in a report on Wednesday, May 28th. Needham & Company LLC reaffirmed a "buy" rating and set a $8.50 target price on shares of Gilat Satellite Networks in a report on Tuesday, May 20th.

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.

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