Gilat Satellite Networks (NASDAQ:GILT) Stock Falls 5.6% - What's Next?

Key Points

• Gilat Satellite Networks shares fell 5.6% to $9.47 in Monday trading, with volume down 47% from the average session.
• Analyst sentiment remains positive overall: the consensus rating is “Moderate Buy” with a $20.00 price target, although Zacks Research downgraded the stock to “Hold.”
• The company reported quarterly revenue of $122.66 million and earnings of $0.20 per share; institutional investors own 35.72% of the stock, while an insider recently sold shares.

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report) fell 5.6% during trading on Monday. The stock traded as low as $9.51 and last traded at $9.47. Approximately 420,479 shares were traded during mid-day trading, a decline of 47% from the average session volume of 787,991 shares. The stock had previously closed at $10.03.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GILT shares. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price target on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. Zacks Research cut shares of Gilat Satellite Networks from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gilat Satellite Networks in a research report on Monday, September 14th. One research 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

Gilat Satellite Networks Price Performance

The firm has a 50-day moving average of $10.44 and a 200 day moving average of $13.67. The stock has a market capitalization of $697.32 million, a price-to-earnings ratio of 21.46 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 for the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%.The firm had revenue of $122.66 million for the quarter. On average, equities analysts forecast that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Amir Ofek sold 3,923 shares of the business's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $11.41, for a total transaction of $44,761.43. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.13% of the company's stock.

Institutional Trading of Gilat Satellite Networks

Large investors have recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of 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 purchasing an additional 1,402,035 shares during the period. AWM Investment Company Inc. bought a new position in Gilat Satellite Networks during the second quarter worth about $13,792,000. Van ECK Associates Corp increased its position in Gilat Satellite Networks by 47.3% during the second quarter. Van ECK Associates Corp now owns 1,799,354 shares of the communications equipment provider's stock worth $23,949,000 after buying an additional 577,479 shares during the last quarter. Altshuler Shaham Ltd increased its position in Gilat Satellite Networks by 4,494.6% during the fourth quarter. Altshuler Shaham Ltd now owns 475,171 shares of the communications equipment provider's stock worth $5,686,000 after buying an additional 464,829 shares during the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. raised its stake in Gilat Satellite Networks by 255.6% in 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 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.

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.