Insider Selling: Gilat Satellite Networks (NASDAQ:GILT) Director Sells 3,923 Shares of Stock

Key Points

• Gilat Satellite Networks director Amir Yechiel Ofek sold 3,923 shares at an average price of $11.41, for total proceeds of approximately $44,761; the transaction was reported to the SEC.
• GILT shares opened at $11.23, well below their 50-day and 200-day moving averages of $12.64 and $15.53, respectively. The stock’s one-year range is $8.52 to $20.93, with a market capitalization of approximately $829 million.
• Gilat reported quarterly EPS of $0.20 on revenue of $122.66 million, while analysts maintain a “Moderate Buy” consensus and an average price target of $20.00. Institutional investors own 35.72% of the company.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) Director Amir Yechiel Ofek sold 3,923 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $11.41, for a total value of $44,761.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Gilat Satellite Networks Stock Performance

Shares of GILT opened at $11.23 on Monday. The stock has a 50-day moving average of $12.64 and a two-hundred day moving average of $15.53. Gilat Satellite Networks Ltd. has a one year low of $8.52 and a one year high of $20.93. The stock has a market cap of $829.11 million, a P/E ratio of 25.52 and a beta of 1.06.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share for the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%.The business had revenue of $122.66 million for the quarter. Analysts predict that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Huntington National Bank boosted its position in Gilat Satellite Networks by 200,000.0% in the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider's stock worth $26,000 after purchasing an additional 2,000 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Gilat Satellite Networks by 82.1% during the 4th quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider's stock worth $28,000 after purchasing an additional 960 shares during the period. Smartleaf Asset Management LLC purchased a new position in shares of Gilat Satellite Networks during the 4th quarter valued at approximately $39,000. Summit Securities Group LLC purchased a new position in shares of Gilat Satellite Networks during the 1st quarter valued at approximately $48,000. Finally, Signaturefd LLC lifted its stake in shares of Gilat Satellite Networks by 104.5% in the 4th quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider's stock valued at $53,000 after purchasing an additional 2,105 shares during the period. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GILT has been the subject of a number of recent research reports. Needham & Company LLC reissued a "buy" rating and set a $20.00 price target on shares of Gilat Satellite Networks in a research report on Tuesday, June 16th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. Finally, Zacks Research lowered shares of Gilat Satellite Networks from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $20.00.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks is a leading provider of satellite-based broadband connectivity solutions, specializing in the design, development and deployment of ground segment equipment and network services. The company's core offerings include Very Small Aperture Terminal (VSAT) modems and hub systems, network management software, and end-to-end satellite communication platforms. These technologies enable broadband Internet access, enterprise networking, and cellular backhaul in regions where terrestrial infrastructure is limited or non-existent.

Founded in 1987 and headquartered in Petah Tikva, Israel, Gilat has established a track record of innovation in satellite communications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source