Gilat Satellite Networks (NASDAQ:GILT) Shares Cross Above 200-Day Moving Average - Here's Why

Key Points

• Gilat Satellite Networks shares have recently crossed above their 200-day moving average at $6.76, reaching a high of $9.40 during trading, and last traded at $9.15.
• Wall Street analysts have varied opinions on Gilat, with Needham & Company maintaining a "buy" rating with a target price of $8.50, while Wall Street Zen downgraded it from "buy" to "hold".
• The company reported a quarterly EPS of $0.21, surpassing analysts' expectations and indicating potential profitability growth, with a revenue of $105 million for the quarter.

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $6.76 and traded as high as $9.40. Gilat Satellite Networks shares last traded at $9.15, with a volume of 3,829,133 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a report on Saturday. Needham & Company LLC upped their price objective on shares of Gilat Satellite Networks from $8.50 to $11.00 and gave the stock a "buy" rating in a report on Wednesday.

Gilat Satellite Networks Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.06 and a current ratio of 1.50. The company has a market cap of $502.88 million, a PE ratio of 22.54 and a beta of 0.46. The company's 50-day simple moving average is $7.14 and its 200 day simple moving average is $6.79.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 EPS for the quarter, beating 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 company had revenue of $105.00 million during the quarter, compared to analysts' expectations of $100.99 million. On average, sell-side analysts predict that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gilat Satellite Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd acquired a new stake in shares of Gilat Satellite Networks in the 4th quarter valued at $29,000. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Gilat Satellite Networks in the 1st quarter valued at $67,000. Quarry LP acquired a new stake in shares of Gilat Satellite Networks in the 4th quarter valued at $68,000. Boothbay Fund Management LLC purchased a new position in shares of Gilat Satellite Networks in the 4th quarter valued at $86,000. Finally, State of Wyoming purchased a new position in shares of Gilat Satellite Networks in the 1st quarter valued at $101,000. Hedge funds and other institutional investors 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.