Gilat Satellite Networks (NASDAQ:GILT) Cut to Hold at Wall Street Zen

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Wednesday.

Separately, Needham & Company LLC reaffirmed a "buy" rating and set a $8.50 price objective on shares of Gilat Satellite Networks in a report on Tuesday, May 20th.

Gilat Satellite Networks Price Performance

NASDAQ:GILT traded down $0.07 during mid-day trading on Wednesday, reaching $5.66. 312,987 shares of the stock were exchanged, compared to its average volume of 308,951. The company has a current ratio of 2.52, a quick ratio of 2.14 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average price of $6.19 and a 200 day moving average price of $6.38. Gilat Satellite Networks has a 1-year low of $4.04 and a 1-year high of $8.05. The firm has a market capitalization of $322.72 million, a PE ratio of 12.86 and a beta of 0.37.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last announced its quarterly earnings data on Monday, May 19th. The communications equipment provider reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.04). Gilat Satellite Networks had a net margin of 8.14% and a return on equity of 9.74%. The company had revenue of $92.04 million for the quarter, compared to analysts' expectations of $100.67 million. Research analysts expect that Gilat Satellite Networks will post 0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gilat Satellite Networks

A number of hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC grew 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. PDT Partners LLC raised its position in Gilat Satellite Networks by 8.4% during the fourth quarter. PDT Partners LLC now owns 29,758 shares of the communications equipment provider's stock valued at $183,000 after purchasing an additional 2,305 shares in the last quarter. Covestor Ltd purchased a new stake in shares of Gilat Satellite Networks in the 4th quarter valued at $29,000. Schonfeld Strategic Advisors LLC lifted its position in Gilat Satellite Networks by 22.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 53,600 shares of the communications equipment provider's stock valued at $330,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Blue Bell Private Wealth Management LLC bought a new stake in shares of Gilat Satellite Networks in the 1st quarter worth approximately $67,000. 35.72% of the stock is currently owned by institutional investors and hedge funds.

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.