Gilat Satellite Networks Ltd. (NASDAQ:GILT) Short Interest Up 20.8% in August

Key Points

• Gilat Satellite Networks' short interest increased by 20.8% in August, rising from 935,600 shares to 1,130,000 shares, with a short-interest ratio currently at 1.8 days.
• Institutional investors hold 35.72% of Gilat Satellite Networks' stock, with notable new stakes from firms like Inspire Advisors LLC and Royce & Associates LP in the first quarter.
• Gilat Satellite Networks reported a quarterly EPS of $0.21, significantly exceeding estimates, along with a revenue of $105 million, surpassing analyst expectations of $100.99 million.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 1,130,000 shares, a growth of 20.8% from the August 15th total of 935,600 shares. Based on an average daily trading volume, of 643,500 shares, the short-interest ratio is presently 1.8 days. Approximately 2.0% of the company's shares are short sold. Approximately 2.0% of the company's shares are short sold. Based on an average daily trading volume, of 643,500 shares, the short-interest ratio is presently 1.8 days.

Institutional Investors Weigh In On Gilat Satellite Networks

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Inspire Advisors LLC bought a new stake in shares of Gilat Satellite Networks during the 1st quarter valued at approximately $308,000. Royce & Associates LP acquired a new position in shares of Gilat Satellite Networks in the 1st quarter worth approximately $4,434,000. Bank of America Corp DE lifted its position in shares of Gilat Satellite Networks by 83.4% during the 4th quarter. Bank of America Corp DE now owns 49,526 shares of the communications equipment provider's stock valued at $305,000 after acquiring an additional 22,515 shares during the period. LBP AM SA lifted its position in shares of Gilat Satellite Networks by 22.3% during the 1st quarter. LBP AM SA now owns 424,697 shares of the communications equipment provider's stock valued at $2,697,000 after acquiring an additional 77,429 shares during the period. Finally, Apis Capital Advisors LLC acquired a new position in shares of Gilat Satellite Networks during the 1st quarter valued at $444,000. 35.72% of the stock is owned by institutional investors.

Gilat Satellite Networks Price Performance

GILT stock traded up $0.26 during mid-day trading on Thursday, hitting $11.40. The stock had a trading volume of 929,703 shares, compared to its average volume of 501,854. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.18. Gilat Satellite Networks has a 52 week low of $4.69 and a 52 week high of $11.60. The firm has a market capitalization of $652.22 million, a P/E ratio of 29.23 and a beta of 0.51. The firm has a fifty day simple moving average of $8.92 and a 200 day simple moving average of $7.28.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last released its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 EPS for the quarter, beating the consensus estimate of $0.04 by $0.17. Gilat Satellite Networks had a net margin of 6.41% and a return on equity of 10.05%. The firm had revenue of $105.00 million for the quarter, compared to analyst estimates of $100.99 million. As a group, research analysts forecast that Gilat Satellite Networks will post 0.5 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Zacks Research raised shares of Gilat Satellite Networks to a "strong-buy" rating in a research note on Friday, August 8th. Wall Street Zen upgraded shares of Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Finally, Needham & Company LLC raised their target price on shares of Gilat Satellite Networks from $8.50 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $11.00.

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.

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