Gilat Satellite Networks (NASDAQ:GILT) Hits New 1-Year High - Here's What Happened

Key Points

• Gilat Satellite Networks shares reached a new 52-week high of $12.72, with the stock last trading at $12.63 on significant volume.
• The company received mixed analyst ratings, with Zacks upgrading it to a "strong-buy" and Wall Street Zen downgrading it to a "buy," reflecting differing perspectives on its growth potential.
• Gilat Satellite Networks reported earnings of $0.21 per share for the last quarter, exceeding analysts' expectations and generating revenue of $105 million, higher than the consensus estimate of $100.99 million.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $12.72 and last traded at $12.63, with a volume of 222411 shares. The stock had previously closed at $12.17.

Wall Street Analysts Forecast Growth

GILT has been the subject of a number of research reports. Wall Street Zen cut shares of Gilat Satellite Networks from a "strong-buy" rating to a "buy" rating in a report on Friday. Zacks Research upgraded Gilat Satellite Networks to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Needham & Company LLC upped 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 report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat, Gilat Satellite Networks currently has an average rating of "Strong Buy" and an average target price of $11.00.

Gilat Satellite Networks Stock Up 5.6%

The firm has a market cap of $735.17 million, a price-to-earnings ratio of 32.65 and a beta of 0.51. The firm has a fifty day moving average price of $9.57 and a 200-day moving average price of $7.55. The company has a quick ratio of 1.17, a current ratio of 1.50 and a debt-to-equity ratio of 0.18.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last released its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.17. The firm 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%. As a group, sell-side analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current year.

Institutional Investors Weigh In On Gilat Satellite Networks

Several hedge funds have recently modified their holdings of GILT. Blue Bell Private Wealth Management LLC acquired a new position in shares of Gilat Satellite Networks during the first quarter worth $67,000. State of Wyoming acquired a new stake in Gilat Satellite Networks during the 1st quarter valued at approximately $101,000. Flaharty Asset Management LLC purchased a new stake in Gilat Satellite Networks during the 1st quarter worth approximately $108,000. Walleye Capital LLC acquired a new stake in shares of Gilat Satellite Networks during the first quarter worth approximately $111,000. Finally, Ritholtz Wealth Management bought a new position in Gilat Satellite Networks during the 1st quarter valued at $111,000. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

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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