Gilat Satellite Networks (NASDAQ:GILT) Hits New 12-Month High - What's Next?

Key Points

• Gilat Satellite Networks shares reached a new 52-week high of $10.19, reflecting a significant increase from the previous close of $9.97.
• Analysts have upgraded their ratings on Gilat Satellite Networks, with a consensus rating of "Buy" and an average price target of $11.00.
• The company reported earnings of $0.21 per share for its last quarter, exceeding expectations, alongside revenue of $105 million against a forecast of $100.99 million.

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $10.19 and last traded at $10.19, with a volume of 39323 shares. The stock had previously closed at $9.97.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GILT. Zacks Research upgraded shares of Gilat Satellite Networks to a "strong-buy" rating in a research note on Friday, August 8th. Needham & Company LLC lifted 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. Finally, Wall Street Zen raised shares of Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to data from MarketBeat, Gilat Satellite Networks currently has a consensus rating of "Buy" and an average price target of $11.00.

Gilat Satellite Networks Trading Up 4.8%

The company has a market cap of $597.79 million, a P/E ratio of 26.91 and a beta of 0.51. The stock's 50-day moving average is $8.32 and its two-hundred day moving average is $7.08. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.50 and a quick ratio of 1.17.

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 the consensus estimate of $0.04 by $0.17. The business had revenue of $105.00 million for 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, equities research analysts predict that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gilat Satellite Networks

Several institutional investors have recently bought and sold shares of GILT. Raymond James Financial Inc. bought a new stake in Gilat Satellite Networks during the 4th quarter valued at about $226,000. Schonfeld Strategic Advisors LLC grew its position in shares of 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 buying an additional 10,000 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Gilat Satellite Networks in the 4th quarter worth approximately $421,000. Bank of America Corp DE grew its position in 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 worth $305,000 after purchasing an additional 22,515 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in Gilat Satellite Networks by 62.9% during the 4th quarter. Lazard Asset Management LLC now owns 167,268 shares of the communications equipment provider's stock worth $1,028,000 after purchasing an additional 64,610 shares during the last quarter. Institutional investors own 35.72% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.