Gilat Satellite Networks (NASDAQ:GILT) Reaches New 1-Year High - Here's Why

Key Points

• Gilat Satellite Networks shares reached a 52-week high of $14.19 after trading at $13.47 previously, indicating strong investor interest with 66,314 shares traded.
• Analysts have upgraded the stock's rating to a "strong-buy", with a consensus target price of $11.00 based on recent performance exceeding earnings expectations.
• Institutional investors hold about 35.72% of Gilat Satellite Networks’ shares, with several firms acquiring significant stakes in the first quarter of the year.

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 $14.16 and last traded at $14.19, with a volume of 66314 shares changing hands. The stock had previously closed at $13.47.

Wall Street Analyst Weigh In

GILT has been the subject of a number of analyst reports. Zacks Research upgraded shares of Gilat Satellite Networks to a "strong-buy" rating in a research report on Friday, August 8th. Wall Street Zen upgraded shares of Gilat Satellite Networks from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Needham & Company LLC raised their price objective on shares of Gilat Satellite Networks from $8.50 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gilat Satellite Networks in a report on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $11.00.

Gilat Satellite Networks Stock Up 5.8%

The firm has a fifty day simple moving average of $10.02 and a 200 day simple moving average of $7.74. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.17 and a current ratio of 1.50. The company has a market cap of $815.56 million, a PE ratio of 36.54 and a beta of 0.58.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last released its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.17. Gilat Satellite Networks had a net margin of 6.41% and a return on equity of 10.05%. The business had revenue of $105.00 million for the quarter, compared to analysts' expectations of $100.99 million. Equities research analysts predict that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current year.

Institutional Trading of Gilat Satellite Networks

A number of institutional investors and hedge funds have recently bought and sold shares of GILT. Blue Bell Private Wealth Management LLC acquired a new position in Gilat Satellite Networks during the first quarter valued at approximately $67,000. State of Wyoming purchased a new stake in Gilat Satellite Networks during the 1st quarter worth $101,000. Flaharty Asset Management LLC purchased a new stake in Gilat Satellite Networks during the 1st quarter worth $108,000. Walleye Capital LLC acquired a new stake in Gilat Satellite Networks in the 1st quarter valued at $111,000. Finally, Ritholtz Wealth Management purchased a new position in Gilat Satellite Networks in the first quarter valued at about $111,000. Institutional investors and hedge funds 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.

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