Gilat Satellite Networks (NASDAQ:GILT) Reaches New 12-Month High - Should You 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 reached a new 52-week high during mid-day trading on Monday . The company traded as high as $11.29 and last traded at $11.25, with a volume of 338002 shares. The stock had previously closed at $10.82.

Wall Street Analyst Weigh In

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

Gilat Satellite Networks Stock Up 2.0%

The company has a quick ratio of 1.17, a current ratio of 1.50 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $665.35 million, a P/E ratio of 29.82 and a beta of 0.51. The company has a 50-day moving average of $9.08 and a two-hundred day moving average of $7.34.

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, beating the consensus estimate of $0.04 by $0.17. Gilat Satellite Networks had a return on equity of 10.05% and a net margin of 6.41%.The company had revenue of $105.00 million for the quarter, compared to analyst estimates of $100.99 million. On average, research analysts predict that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current year.

Hedge Funds Weigh In On Gilat Satellite Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC lifted its stake in Gilat Satellite Networks by 3.4% in the 4th 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 in the last quarter. Marshall Wace LLP lifted its position in shares of Gilat Satellite Networks by 1.6% in the second quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider's stock worth $3,643,000 after buying an additional 8,105 shares in the last quarter. Blue Bell Private Wealth Management LLC bought a new position in Gilat Satellite Networks during the first quarter valued at approximately $67,000. Yelin Lapidot Holdings Management Ltd. boosted its stake in Gilat Satellite Networks by 7.2% during the first quarter. Yelin Lapidot Holdings Management Ltd. now owns 181,549 shares of the communications equipment provider's stock valued at $1,153,000 after buying an additional 12,235 shares during the last quarter. Finally, First Wilshire Securities Management Inc. grew its holdings in Gilat Satellite Networks by 1.0% during the 2nd quarter. First Wilshire Securities Management Inc. now owns 1,468,035 shares of the communications equipment provider's stock valued at $10,408,000 after buying an additional 14,782 shares in the last quarter. 35.72% of the stock is owned by institutional investors.

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.