Gilat Satellite Networks (NASDAQ:GILT) Sets New 1-Year Low - Here's What Happened

Key Points

• Gilat Satellite Networks shares hit a new 52-week low, trading as low as $7.69 versus a prior close of $7.78. The stock remains below its 50-day and 200-day moving averages of $9.80 and $13.01, respectively.
• Despite the decline, analysts maintain a consensus “Moderate Buy” rating with an average price target of $20.00; ratings include one Strong Buy, one Buy and two Holds.
• Gilat reported quarterly revenue of $122.66 million and EPS of $0.20, while institutional investors own 35.72% of the company. A company director also sold 3,923 shares at an average price of $11.41.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report)'s share price hit a new 52-week low during trading on Wednesday. The stock traded as low as $7.69 and last traded at $7.7250, with a volume of 80,721 shares changing hands. The stock had previously closed at $7.78.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gilat Satellite Networks in a research note on Monday, September 14th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.00.

Gilat Satellite Networks Stock Performance

The firm's 50 day moving average is $9.80 and its 200-day moving average is $13.01. The company has a market cap of $573.51 million, a PE ratio of 17.70 and a beta of 1.04.

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 (EPS) 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 during the quarter. On average, analysts predict 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 transaction of $44,761.43. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.13% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC increased its holdings in shares of Gilat Satellite Networks by 103.4% during the 2nd quarter. NewEdge Advisors LLC now owns 2,091 shares of the communications equipment provider's stock worth $28,000 after buying an additional 1,063 shares during the last quarter. Summit Securities Group LLC acquired a new position in Gilat Satellite Networks in the first quarter valued at approximately $48,000. Hanson & Doremus Investment Management lifted its holdings in Gilat Satellite Networks by 140.9% in the first quarter. Hanson & Doremus Investment Management now owns 9,404 shares of the communications equipment provider's stock valued at $141,000 after acquiring an additional 5,500 shares during the last quarter. Bank of America Corp DE grew its position in Gilat Satellite Networks by 41.6% in the second quarter. Bank of America Corp DE now owns 36,326 shares of the communications equipment provider's stock worth $483,000 after acquiring an additional 10,668 shares during the period. Finally, Vontobel Holding Ltd. grew its position in Gilat Satellite Networks by 69.5% in the third quarter. Vontobel Holding Ltd. now owns 26,478 shares of the communications equipment provider's stock worth $261,000 after acquiring an additional 10,854 shares during the period. Institutional investors and hedge funds own 35.72% of the company's stock.

About Gilat Satellite Networks

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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