Gilat Satellite Networks (NASDAQ:GILT) Reaches New 1-Year Low - Time to Sell?

Key Points

• Gilat Satellite Networks shares fell 4.7% to a new 52-week low of $8.62, well below their 50-day and 200-day moving averages of $10.28 and $13.40, respectively.
• Analyst sentiment remains cautiously positive, with a consensus “Moderate Buy” rating and an average price target of $20.00; however, Zacks downgraded the stock to “hold.”
• The company reported quarterly EPS of $0.20 on $122.66 million in revenue, while institutional investors increased their positions and now own 35.72% of outstanding shares.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) shares hit a new 52-week low during trading on Monday. The company traded as low as $8.62 and last traded at $8.68, with a volume of 192,021 shares traded. The stock had previously closed at $8.94.

Analysts Set New Price Targets

Several research firms have recently commented on GILT. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. Zacks Research cut Gilat Satellite Networks from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Gilat Satellite Networks in a research note on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.00.

Gilat Satellite Networks Stock Down 4.7%

The stock's 50 day moving average price is $10.28 and its 200-day moving average price is $13.40. The stock has a market capitalization of $629.03 million, a PE ratio of 19.39 and a beta of 1.04.

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

Insider Transactions at Gilat Satellite Networks

In other Gilat Satellite Networks news, Director Amir Ofek sold 3,923 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $11.41, for a total value of $44,761.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.13% of the company's stock.

Hedge Funds Weigh In On Gilat Satellite Networks

Several large investors have recently made changes to their positions in the business. Van ECK Associates Corp boosted its stake in Gilat Satellite Networks by 47.3% in the 2nd quarter. Van ECK Associates Corp now owns 1,799,354 shares of the communications equipment provider's stock worth $23,949,000 after purchasing an additional 577,479 shares during the period. Wellington Management Group LLP grew its holdings in Gilat Satellite Networks by 6.3% during the 2nd quarter. Wellington Management Group LLP now owns 1,094,623 shares of the communications equipment provider's stock valued at $14,569,000 after buying an additional 64,917 shares in the last quarter. AWM Investment Company Inc. bought a new stake in shares of Gilat Satellite Networks during the second quarter valued at approximately $13,792,000. Y.D. More Investments Ltd raised its position in shares of Gilat Satellite Networks by 77.3% during the first quarter. Y.D. More Investments Ltd now owns 715,697 shares of the communications equipment provider's stock valued at $10,560,000 after buying an additional 311,951 shares during the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. raised its position in shares of Gilat Satellite Networks by 255.6% during the first quarter. Yelin Lapidot Holdings Management Ltd. now owns 645,549 shares of the communications equipment provider's stock valued at $9,696,000 after buying an additional 464,000 shares during the last quarter. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd. NASDAQ: GILT is an Israel-based provider of satellite networking technology, solutions and services. The company develops and supplies very small aperture terminal (VSAT) platforms, satellite ground infrastructure and related network equipment designed to support broadband connectivity in locations where terrestrial communications are limited or unavailable.

Gilat's offerings serve a range of markets, including enterprise and government communications, cellular backhaul, rural broadband, mobility and in-flight connectivity, and defense and public-sector applications.

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.