Gilat Satellite Networks (NASDAQ:GILT) Sees Large Volume Increase - Here's Why

Key Points

• Gilat Satellite Networks’ trading volume rose 24% to 983,666 shares, while the stock traded near $9.16, down 0.9% from its prior close.
• Analyst sentiment remains favorable overall, with a consensus “Moderate Buy” rating and a $20 price target, though Zacks Research downgraded the stock to “Hold.”
• Gilat reported quarterly EPS of $0.20 on $122.66 million in revenue, while institutional investors own 35.72% of the company; an insider also sold shares worth about $44,761.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) shares saw an uptick in trading volume on Wednesday. 983,666 shares changed hands during mid-day trading, an increase of 24% from the previous session's volume of 794,569 shares. The stock last traded at $9.1640 and had previously closed at $9.22.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 price target on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. Weiss Ratings reissued a "hold (c)" rating on shares of Gilat Satellite Networks in a research note on Monday, September 14th. Finally, Zacks Research downgraded Gilat Satellite Networks from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

Gilat Satellite Networks Trading Down 0.9%

The company has a market capitalization of $674.88 million, a price-to-earnings ratio of 20.79 and a beta of 1.04. The company's 50 day simple moving average is $10.38 and its 200-day simple moving average is $13.56.

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

Insider Activity

In other news, Director Amir Ofek sold 3,923 shares of Gilat Satellite Networks 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 filing with the Securities & Exchange Commission, which is available at this link. 1.13% of the stock is owned by company insiders.

Hedge Funds Weigh In On Gilat Satellite Networks

Several large investors have recently added to or reduced their stakes in GILT. Clal Insurance Enterprises Holdings Ltd grew its holdings in Gilat Satellite Networks by 33.8% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider's stock valued at $71,476,000 after buying an additional 1,402,035 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Gilat Satellite Networks by 47.3% during 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 acquiring an additional 577,479 shares during the period. Wellington Management Group LLP lifted its holdings in shares of 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 worth $14,569,000 after acquiring an additional 64,917 shares during the period. AWM Investment Company Inc. acquired a new stake in shares of Gilat Satellite Networks in the second quarter worth approximately $13,792,000. Finally, Y.D. More Investments Ltd boosted its position in shares of Gilat Satellite Networks by 77.3% in the first quarter. Y.D. More Investments Ltd now owns 715,697 shares of the communications equipment provider's stock worth $10,560,000 after acquiring an additional 311,951 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.

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