Gilat Satellite Networks (NASDAQ:GILT) Shares Gap Down - What's Next?

Key Points

• Gilat Satellite Networks' shares gapped down from a previous close of $10.57 to an opening price of $10.15, last trading at $10.51 with a volume of 625,028 shares.
• Analysts have given positive updates on the stock, with one upgrading it to a "strong-buy" rating and others raising price targets, leading to an average price target of $11.00.
• The company reported strong quarterly results, with an EPS of $0.21—significantly above estimates—and a revenue of $105 million, exceeding analyst predictions.

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $10.57, but opened at $10.15. Gilat Satellite Networks shares last traded at $10.51, with a volume of 625,028 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently commented on GILT shares. Wall Street Zen raised shares of Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. Zacks Research raised shares of Gilat Satellite Networks to a "strong-buy" rating in a research note on Friday, August 8th. Finally, Needham & Company LLC upped their price target 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, August 6th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $11.00.

Gilat Satellite Networks Trading Down 1.6%

The stock's fifty day moving average price is $8.68 and its 200 day moving average price is $7.19. 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 $619.01 million, a P/E ratio of 27.74 and a beta of 0.51.

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, topping analysts' consensus estimates 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 company had revenue of $105.00 million during the quarter, compared to analyst estimates of $100.99 million. Research analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current year.

Institutional Trading of Gilat Satellite Networks

A number of hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC lifted its stake 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 acquiring an additional 2,158 shares during the period. Marshall Wace LLP lifted its position in shares of Gilat Satellite Networks by 1.6% during the second quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider's stock valued at $3,643,000 after buying an additional 8,105 shares during the last quarter. Blue Bell Private Wealth Management LLC purchased a new stake in shares of Gilat Satellite Networks during the first quarter valued at about $67,000. Yelin Lapidot Holdings Management Ltd. lifted its position in shares of Gilat Satellite Networks by 7.2% during the first quarter. Yelin Lapidot Holdings Management Ltd. now owns 181,549 shares of the communications equipment provider's stock valued at $1,153,000 after buying an additional 12,235 shares during the last quarter. Finally, First Wilshire Securities Management Inc. lifted its position in shares of Gilat Satellite Networks by 1.0% during the second quarter. First Wilshire Securities Management Inc. now owns 1,468,035 shares of the communications equipment provider's stock valued at $10,408,000 after buying an additional 14,782 shares during the last quarter. 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.