Gilat Satellite Networks Ltd. (NASDAQ:GILT) saw a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 255,400 shares, an increase of 79.0% from the November 30th total of 142,700 shares. Currently, 0.6% of the company's shares are sold short. Based on an average daily volume of 427,900 shares, the days-to-cover ratio is presently 0.6 days.
Several hedge funds have recently added to or reduced their stakes in GILT. Thrivent Financial for Lutherans increased its position in shares of Gilat Satellite Networks by 985.1% in the third quarter. Thrivent Financial for Lutherans now owns 2,691,990 shares of the communications equipment provider's stock valued at $24,201,000 after acquiring an additional 2,443,913 shares during the period. Ghisallo Capital Management LLC purchased a new position in shares of Gilat Satellite Networks in the third quarter valued at about $8,769,000. Caas Capital Management LP purchased a new position in shares of Gilat Satellite Networks in the third quarter valued at about $6,007,000. First Trust Advisors LP increased its position in shares of Gilat Satellite Networks by 156.4% in the second quarter. First Trust Advisors LP now owns 262,353 shares of the communications equipment provider's stock valued at $2,671,000 after acquiring an additional 160,024 shares during the period. Finally, State Street Corp increased its position in shares of Gilat Satellite Networks by 23.1% in the second quarter. State Street Corp now owns 575,855 shares of the communications equipment provider's stock valued at $5,862,000 after acquiring an additional 107,878 shares during the period. Hedge funds and other institutional investors own 33.68% of the company's stock.
NASDAQ:GILT traded up $1.49 during trading hours on Monday, reaching $8.56. The company's stock had a trading volume of 2,339,675 shares, compared to its average volume of 1,021,601. The firm has a market capitalization of $483.97 million, a price-to-earnings ratio of 8.27 and a beta of 0.26. The firm has a 50-day simple moving average of $7.58 and a 200-day simple moving average of $8.91. Gilat Satellite Networks has a 1 year low of $6.58 and a 1 year high of $22.69.
Gilat Satellite Networks (NASDAQ:GILT) last issued its earnings results on Tuesday, November 9th. The communications equipment provider reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.01) by $0.02. The company had revenue of $49.91 million for the quarter. Gilat Satellite Networks had a net margin of 29.55% and a negative return on equity of 3.11%.
About Gilat Satellite Networks
Gilat Satellite Networks Ltd. engages in the provision of broadband satellite communication and networking solutions and services. It operates through the following business segments: Fixed Networks, Mobility Solutions, and Terrestrial Infrastructure Projects. The Fixed Networks segment provides advanced fixed broadband satellite communication networks, satellite communication systems and associated professional services and comprehensive turnkey solutions and fully managed satellite network services solutions.
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