Gilat Satellite Networks (NASDAQ:GILT) Sets New 52-Week Low - Here's Why

Key Points

• Gilat Satellite Networks shares hit a new 52-week low, falling to $9.11 intraday and trading near $9.00, below its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed but leans positive: the stock has a “Moderate Buy” consensus rating and an average price target of $20, despite Zacks downgrading it to “hold.”
• The company reported quarterly EPS of $0.20 on $122.66 million in revenue, while institutional investors own 35.72% of its shares and insiders own 1.13%.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Tuesday. The company traded as low as $9.11 and last traded at $9.0040, with a volume of 42352 shares trading hands. The stock had previously closed at $9.40.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GILT. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price target on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gilat Satellite Networks in a report 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 analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $20.00.

Gilat Satellite Networks Price Performance

The business's fifty day simple moving average is $10.41 and its 200 day simple moving average is $13.61. The firm has a market capitalization of $667.50 million, a price-to-earnings ratio of 20.73 and a beta of 1.04.

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

Insider Transactions at Gilat Satellite Networks

In other Gilat Satellite Networks news, Director Amir Ofek sold 3,923 shares of the firm's stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.13% of the company's stock.

Hedge Funds Weigh In On Gilat Satellite Networks

A number of institutional investors have recently modified their holdings of GILT. Clal Insurance Enterprises Holdings Ltd increased its position in shares of Gilat Satellite Networks by 33.8% in the fourth 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 in the last quarter. AWM Investment Company Inc. purchased a new stake in shares of Gilat Satellite Networks in the 2nd quarter worth about $13,792,000. Van ECK Associates Corp grew 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 valued at $23,949,000 after acquiring an additional 577,479 shares during the last quarter. Altshuler Shaham Ltd increased its holdings in Gilat Satellite Networks by 4,494.6% during the 4th quarter. Altshuler Shaham Ltd now owns 475,171 shares of the communications equipment provider's stock valued at $5,686,000 after acquiring an additional 464,829 shares in the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. increased its holdings in Gilat Satellite Networks by 255.6% during the 1st quarter. Yelin Lapidot Holdings Management Ltd. now owns 645,549 shares of the communications equipment provider's stock valued at $9,696,000 after acquiring an additional 464,000 shares in the last quarter. 35.72% of the stock is owned by institutional investors and hedge funds.

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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