Gilat Satellite Networks Ltd. (NASDAQ:GILT) Sees Significant Drop in Short Interest

Key Points

• Short interest plunged 47.5% to 954,002 shares as of March 31 (about 1.3% of shares shorted) with a days-to-cover of 1.2, signaling a large reduction in bearish bets.
• Insiders sold stock in March — CEO Adi Sfadia sold 48,978 shares at $16.85 (~$825,279) and Doron Kerbel sold 7,500 shares at $18.03 — while insiders collectively own 1.13% of the company.
• Analysts have a consensus rating of “Moderate Buy” with an average target of $20.00, and institutional investors own 35.72% of shares after several funds materially increased stakes (Clal now owns 5.56M shares).

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) saw a large drop in short interest in March. As of March 31st, there was short interest totaling 954,002 shares, a drop of 47.5% from the March 15th total of 1,816,866 shares. Approximately 1.3% of the shares of the company are short sold. Based on an average trading volume of 803,855 shares, the days-to-cover ratio is currently 1.2 days.

Wall Street Analyst Weigh In

GILT has been the subject of a number of analyst reports. Weiss Ratings restated a "hold (c+)" rating on shares of Gilat Satellite Networks in a research report on Monday, December 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 price target on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. Wall Street Zen lowered Gilat Satellite Networks from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Finally, Freedom Capital raised Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Gilat Satellite Networks has a consensus rating of "Moderate Buy" and an average target price of $20.00.

Insider Activity at Gilat Satellite Networks

In other news, insider Doron Kerbel sold 7,500 shares of the business's stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $18.03, for a total value of $135,225.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adi Sfadia sold 48,978 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total value of $825,279.30. Additional details regarding this sale are available in the official SEC disclosure. 1.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Gilat Satellite Networks

Several institutional investors and hedge funds have recently modified their holdings of GILT. Clal Insurance Enterprises Holdings Ltd boosted its holdings in shares of Gilat Satellite Networks by 33.8% in the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider's stock valued at $71,476,000 after buying an additional 1,402,035 shares during the period. Royce & Associates LP lifted its position in Gilat Satellite Networks by 12.4% in the 3rd quarter. Royce & Associates LP now owns 1,198,560 shares of the communications equipment provider's stock valued at $15,605,000 after acquiring an additional 132,599 shares in the last quarter. Penserra Capital Management LLC boosted its stake in Gilat Satellite Networks by 831.1% in the 3rd quarter. Penserra Capital Management LLC now owns 1,193,094 shares of the communications equipment provider's stock worth $15,533,000 after purchasing an additional 1,064,959 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Gilat Satellite Networks by 62.6% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,091,053 shares of the communications equipment provider's stock worth $14,206,000 after purchasing an additional 419,843 shares during the period. Finally, Van ECK Associates Corp increased its holdings in Gilat Satellite Networks by 77.3% during the 4th quarter. Van ECK Associates Corp now owns 1,068,141 shares of the communications equipment provider's stock worth $13,822,000 after purchasing an additional 465,775 shares in the last quarter. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Gilat Satellite Networks Stock Performance

GILT stock traded up $0.57 during midday trading on Monday, hitting $18.28. 485,610 shares of the company's stock were exchanged, compared to its average volume of 930,755. Gilat Satellite Networks has a one year low of $5.43 and a one year high of $20.38. The company has a market cap of $1.35 billion, a PE ratio of 55.40 and a beta of 0.92. The stock's fifty day moving average price is $16.48 and its 200-day moving average price is $14.74.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%.The company had revenue of $136.96 million during the quarter, compared to the consensus estimate of $133.56 million. On average, analysts expect that Gilat Satellite Networks will post 0.5 EPS for the current year.

Gilat Satellite Networks Company Profile

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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