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

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) saw a large 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. Currently, 2.0% of the shares of the company are short sold. Based on an average daily trading volume, of 643,500 shares, the days-to-cover ratio is presently 1.8 days. Based on an average daily trading volume, of 643,500 shares, the days-to-cover ratio is presently 1.8 days. Currently, 2.0% of the shares of the company are short sold.

Analyst Ratings Changes

Several equities analysts have issued reports 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 report on Saturday, August 9th. Finally, Needham & Company LLC increased their price objective on shares of Gilat Satellite Networks from $8.50 to $11.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. Based on data from MarketBeat.com, Gilat Satellite Networks has a consensus rating of "Buy" and a consensus price target of $11.00.

Gilat Satellite Networks Stock Up 1.8%

NASDAQ:GILT traded up $0.21 during trading hours on Monday, hitting $11.84. The stock had a trading volume of 979,125 shares, compared to its average volume of 888,755. 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 1-year low of $4.75 and a 1-year high of $12.07. The business has a 50 day simple moving average of $9.17 and a two-hundred day simple moving average of $7.38. The company has a market cap of $677.37 million, a PE ratio of 21.94 and a beta of 0.51.

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

Institutional Trading of Gilat Satellite Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC bought a new stake in Gilat Satellite Networks during the fourth quarter valued at $421,000. Bank of America Corp DE lifted its holdings in Gilat Satellite Networks by 83.4% in the fourth quarter. Bank of America Corp DE now owns 49,526 shares of the communications equipment provider's stock worth $305,000 after purchasing an additional 22,515 shares during the period. Tidal Investments LLC lifted its holdings in Gilat Satellite Networks by 3.4% in the fourth quarter. Tidal Investments LLC now owns 65,779 shares of the communications equipment provider's stock worth $405,000 after purchasing an additional 2,158 shares during the period. PharVision Advisers LLC acquired a new stake in Gilat Satellite Networks in the 4th quarter valued at about $257,000. Finally, Hennessy Advisors Inc. acquired a new stake in Gilat Satellite Networks in the 1st quarter valued at about $139,000. Institutional investors own 35.72% of the company's stock.

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.