Wall Street Zen Upgrades Gilat Satellite Networks (NASDAQ:GILT) to "Strong-Buy"

Key Points

• Wall Street Zen upgraded Gilat Satellite Networks from a "buy" rating to a "strong-buy" rating, indicating increased confidence in the stock's performance.
• Gilat Satellite Networks recently reported earnings that exceeded analyst expectations, with $0.21 EPS for the quarter compared to a consensus estimate of $0.04.
• The stock's average price target is $11.00, with mixed ratings from analysts—one Strong Buy, one Buy, and one Hold.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) was upgraded by analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report issued on Saturday.

GILT has been the topic of several other research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gilat Satellite Networks in a report on Saturday, September 27th. Needham & Company LLC boosted their price objective on Gilat Satellite Networks from $8.50 to $11.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Finally, Zacks Research upgraded shares of Gilat Satellite Networks to a "strong-buy" rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $11.00.

Gilat Satellite Networks Price Performance

Shares of NASDAQ GILT opened at $13.47 on Friday. The stock's 50-day simple moving average is $10.02 and its 200-day simple moving average is $7.72. The firm has a market capitalization of $770.62 million, a PE ratio of 34.54 and a beta of 0.58. Gilat Satellite Networks has a fifty-two week low of $4.82 and a fifty-two week high of $13.99. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.17 and a current ratio of 1.50.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 EPS for the quarter, beating the consensus estimate of $0.04 by $0.17. Gilat Satellite Networks had a net margin of 6.41% and a return on equity of 10.05%. The company had revenue of $105.00 million for the quarter, compared to analyst estimates of $100.99 million. As a group, equities research analysts forecast that Gilat Satellite Networks will post 0.5 EPS for the current fiscal year.

Institutional Trading of Gilat Satellite Networks

A number of institutional investors and hedge funds have recently made changes to their positions in GILT. Bank of America Corp DE lifted its stake in shares of Gilat Satellite Networks by 83.4% in the 4th quarter. Bank of America Corp DE now owns 49,526 shares of the communications equipment provider's stock valued at $305,000 after purchasing an additional 22,515 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in Gilat Satellite Networks during the first quarter valued at approximately $139,000. Ritholtz Wealth Management purchased a new stake in Gilat Satellite Networks during the first quarter worth approximately $111,000. Yelin Lapidot Holdings Management Ltd. grew its stake in Gilat Satellite Networks by 7.2% during the first quarter. Yelin Lapidot Holdings Management Ltd. now owns 181,549 shares of the communications equipment provider's stock worth $1,153,000 after buying an additional 12,235 shares during the period. Finally, LBP AM SA raised its stake in shares of Gilat Satellite Networks by 22.3% in the 1st quarter. LBP AM SA now owns 424,697 shares of the communications equipment provider's stock valued at $2,697,000 after acquiring an additional 77,429 shares during the period. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.