Gilat Satellite Networks (NASDAQ:GILT) Hits New 52-Week High - Time to Buy?

Key Points

• Gilat Satellite Networks shares reached a new 52-week high of $11.29, outperforming its previous closing price of $10.82 with a trading volume of 338,002 shares.
• Brokerages have upgraded the stock, with Zacks Research and Wall Street Zen assigning a "strong-buy" rating, while Needham & Company raised its price target to $11.00.
• The company reported a quarterly earnings per share of $0.21, significantly exceeding the estimated $0.04, along with revenues of $105.00 million for the quarter.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $11.29 and last traded at $11.25, with a volume of 338002 shares trading hands. The stock had previously closed at $10.82.

Analyst Ratings Changes

Several brokerages have issued reports on GILT. Wall Street Zen upgraded Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 9th. 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 price objective on 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $11.00.

Gilat Satellite Networks Price Performance

The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.18. The company has a market cap of $657.94 million, a PE ratio of 29.49 and a beta of 0.51. The firm has a 50 day moving average of $8.68 and a two-hundred day moving average of $7.19.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last posted 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 company had revenue of $105.00 million for the quarter, compared to the consensus estimate of $100.99 million. Gilat Satellite Networks had a return on equity of 10.05% and a net margin of 6.41%. Research analysts predict that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current fiscal year.

Institutional Trading of Gilat Satellite Networks

Several institutional investors have recently added to or reduced their stakes in GILT. Jane Street Group LLC purchased a new stake in Gilat Satellite Networks during the 4th quarter valued at $421,000. Bank of America Corp DE boosted its stake 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 valued at $305,000 after purchasing an additional 22,515 shares during the last quarter. Lazard Asset Management LLC boosted its stake 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 valued at $1,028,000 after purchasing an additional 64,610 shares during the last quarter. Tidal Investments LLC boosted its stake in Gilat Satellite Networks by 3.4% during the 4th quarter. Tidal Investments LLC now owns 65,779 shares of the communications equipment provider's stock valued at $405,000 after purchasing an additional 2,158 shares during the last quarter. Finally, PharVision Advisers LLC purchased a new stake in Gilat Satellite Networks during the 4th quarter valued at $257,000. 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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