Gilat Satellite Networks (NASDAQ:GILT) Reaches New 52-Week High on Strong Earnings

Key Points

• Gilat Satellite Networks' stock hit a new 52-week high of $8.85 following a better-than-expected earnings report, with earnings per share of $0.21 surpassing estimates of $0.04.
• Institutional investors hold 35.72% of Gilat Satellite Networks' stock, with significant recent investments from firms like Royce & Associates LP and Penn Capital Management Company LLC.
• Analyst ratings varied, with Needham & Company maintaining a "buy" rating with an $8.50 target, while Wall Street Zen downgraded the stock from "buy" to "hold."

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $8.85 and last traded at $8.84, with a volume of 2399681 shares trading hands. The stock had previously closed at $7.35.

The communications equipment provider reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.17. The firm had revenue of $105.00 million during the quarter, compared to the consensus estimate of $100.99 million. Gilat Satellite Networks had a net margin of 6.41% and a return on equity of 10.20%.

Analyst Ratings Changes

GILT has been the topic of a number of research reports. Wall Street Zen downgraded shares of Gilat Satellite Networks from a "buy" rating to a "hold" rating in a research report on Wednesday, May 28th. Needham & Company LLC increased 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 note on Wednesday.

Hedge Funds Weigh In On Gilat Satellite Networks

Several institutional investors and hedge funds have recently bought and sold shares of the company. CSM Advisors LLC purchased a new stake in shares of Gilat Satellite Networks during the second quarter valued at $6,214,000. Penserra Capital Management LLC acquired a new stake in Gilat Satellite Networks during the second quarter valued at $908,000. LBP AM SA raised its position in shares of Gilat Satellite Networks by 33.3% in the second quarter. LBP AM SA now owns 566,075 shares of the communications equipment provider's stock worth $4,013,000 after acquiring an additional 141,378 shares during the period. Acadian Asset Management LLC grew its holdings in Gilat Satellite Networks by 24.3% in the first quarter. Acadian Asset Management LLC now owns 638,854 shares of the communications equipment provider's stock valued at $4,044,000 after purchasing an additional 124,794 shares during the period. Finally, Flaharty Asset Management LLC purchased a new stake in Gilat Satellite Networks in the 1st quarter worth $108,000. 35.72% of the stock is owned by hedge funds and other institutional investors.

Gilat Satellite Networks Stock Performance

The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 0.19. The firm's 50-day moving average is $7.07 and its two-hundred day moving average is $6.78. The stock has a market cap of $514.34 million, a price-to-earnings ratio of 23.09 and a beta of 0.46.

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.