Gilat Satellite Networks Ltd. (NASDAQ:GILT) Sees Large Increase in Short Interest

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) was the target of a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 947,000 shares, an increase of 68.2% from the May 15th total of 563,100 shares. Based on an average daily volume of 319,200 shares, the short-interest ratio is presently 3.0 days. Approximately 1.7% of the company's shares are sold short.

Gilat Satellite Networks Trading Down 3.5%

Shares of NASDAQ GILT traded down $0.22 during mid-day trading on Friday, hitting $6.08. 288,976 shares of the company traded hands, compared to its average volume of 324,743. Gilat Satellite Networks has a 1 year low of $4.04 and a 1 year high of $8.05. The stock has a market capitalization of $346.66 million, a price-to-earnings ratio of 13.82 and a beta of 0.32. 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 business has a 50 day moving average of $6.14 and a two-hundred day moving average of $6.44.

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 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.04). The business 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 8.14% and a return on equity of 9.74%. On average, sell-side analysts anticipate that Gilat Satellite Networks will post 0.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wall Street Zen downgraded 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.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Tidal Investments LLC raised its position in Gilat Satellite Networks by 3.4% during the fourth quarter. Tidal Investments LLC now owns 65,779 shares of the communications equipment provider's stock valued at $405,000 after buying an additional 2,158 shares during the period. PDT Partners LLC increased its position 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 purchasing an additional 2,305 shares during the last quarter. Covestor Ltd acquired a new position in Gilat Satellite Networks in the 4th quarter worth about $29,000. Schonfeld Strategic Advisors LLC increased its position 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 purchasing an additional 10,000 shares during the last quarter. Finally, Blue Bell Private Wealth Management LLC acquired a new position in Gilat Satellite Networks in the 1st quarter worth about $67,000. 35.72% of the stock is owned by institutional investors and hedge funds.

Gilat Satellite Networks Company 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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