Gilat Satellite Networks (NASDAQ:GILT) Reaches New 12-Month High - Here's Why

Key Points

• Gilat Satellite Networks' stock hit a new 12-month high of $9.54 during trading, with a recent closing price of $9.51 and a trading volume of 1,541,030 shares.
• Analysts have upgraded Gilat's rating, with Needham & Company setting a price target of $11.00 and Zacks Research giving it a "strong-buy" rating.
• The company's recent earnings report revealed a significant beat on expectations, with earnings per share of $0.21 against a consensus estimate of $0.04, and revenues of $105 million.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $9.54 and last traded at $9.51, with a volume of 1541030 shares trading hands. The stock had previously closed at $8.90.

Analyst Upgrades and Downgrades

Several brokerages have commented on GILT. Needham & Company LLC boosted 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. Zacks Research raised Gilat Satellite Networks to a "strong-buy" rating in a report on Friday, August 8th. Finally, Wall Street Zen upgraded Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $11.00.

Gilat Satellite Networks Stock Up 6.9%

The company has a market capitalization of $544.07 million, a price-to-earnings ratio of 24.39 and a beta of 0.46. 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 firm's fifty day moving average price is $7.66 and its 200-day moving average price is $6.91.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last released its quarterly earnings data 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. 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%. Sell-side analysts expect that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gilat Satellite Networks

A number of institutional investors have recently added to or reduced their stakes in GILT. Blue Bell Private Wealth Management LLC bought a new position in shares of Gilat Satellite Networks during the first quarter valued at $67,000. Quarry LP acquired a new stake in Gilat Satellite Networks in the fourth quarter valued at $68,000. Boothbay Fund Management LLC bought a new position in Gilat Satellite Networks during the 4th quarter worth $86,000. State of Wyoming acquired a new position in Gilat Satellite Networks during the 1st quarter worth about $101,000. Finally, Flaharty Asset Management LLC bought a new stake in shares of Gilat Satellite Networks in the 1st quarter valued at about $108,000. 35.72% of the stock is owned by 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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