Gilat Satellite Networks (NASDAQ:GILT) Sets New 52-Week High - Here's What Happened

Key Points

• Gilat Satellite Networks stock reached a new 52-week high of $11.93 during trading, reflecting a significant increase from its previous close at $11.63.
• Brokerage upgrades include a boost in target price by Needham & Company from $8.50 to $11.00 and ratings from Zacks Research and Wall Street Zen, suggesting strong market confidence.
• The company reported $0.21 earnings per share for the last quarter, exceeding analysts' expectations of $0.04, with revenue also surpassing estimates at $105 million.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $11.93 and last traded at $11.93, with a volume of 241136 shares changing hands. The stock had previously closed at $11.63.

Analyst Ratings Changes

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

Gilat Satellite Networks Trading Up 1.8%

The stock's fifty day moving average price is $9.17 and its 200 day moving average price is $7.38. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.50 and a quick ratio of 1.17. The stock has a market capitalization of $677.37 million, a P/E ratio of 30.36 and a beta of 0.51.

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 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.17. The firm had revenue of $105.00 million for the quarter, compared to analysts' expectations of $100.99 million. Gilat Satellite Networks had a net margin of 6.41% and a return on equity of 10.05%. Research analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current year.

Hedge Funds Weigh In On Gilat Satellite Networks

Institutional investors have recently modified their holdings of the stock. Jane Street Group LLC bought a new stake in Gilat Satellite Networks during the 4th quarter valued at $421,000. Bank of America Corp DE raised 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 valued at $305,000 after purchasing an additional 22,515 shares in the last quarter. Tidal Investments LLC raised its position 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 in the last quarter. Hennessy Advisors Inc. bought a new stake in Gilat Satellite Networks during the 1st quarter valued at $139,000. Finally, Ritholtz Wealth Management purchased a new stake in Gilat Satellite Networks in the first quarter worth about $111,000. 35.72% of the stock is owned by hedge funds and other 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.