Gilat Satellite Networks Ltd. (NASDAQ:GILT) Short Interest Update

Gilat Satellite Networks Ltd. (NASDAQ:GILT) was the recipient of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 1,816,866 shares, a drop of 32.9% from the February 26th total of 2,706,013 shares. Based on an average trading volume of 721,272 shares, the short-interest ratio is presently 2.5 days. Currently, 2.5% of the company’s stock are sold short.

Insider Activity at Gilat Satellite Networks

In related news, CEO Adi Sfadia sold 48,978 shares of Gilat Satellite Networks stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total value of $825,279.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Doron Kerbel sold 7,500 shares of the business’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $18.03, for a total transaction of $135,225.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.13% of the company’s stock.

Institutional Investors Weigh In On Gilat Satellite Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GILT. Clal Insurance Enterprises Holdings Ltd lifted its stake 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 worth $71,476,000 after purchasing an additional 1,402,035 shares in the last quarter. First Wilshire Securities Management Inc. grew its position in shares of Gilat Satellite Networks by 1.0% during the 2nd quarter. First Wilshire Securities Management Inc. now owns 1,468,035 shares of the communications equipment provider’s stock valued at $10,408,000 after purchasing an additional 14,782 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Gilat Satellite Networks by 12.4% in the third quarter. Royce & Associates LP now owns 1,198,560 shares of the communications equipment provider’s stock worth $15,605,000 after purchasing an additional 132,599 shares during the period. Penserra Capital Management LLC raised its position in shares of Gilat Satellite Networks by 831.1% in the third quarter. Penserra Capital Management LLC now owns 1,193,094 shares of the communications equipment provider’s stock worth $15,533,000 after buying an additional 1,064,959 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Gilat Satellite Networks by 62.6% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,091,053 shares of the communications equipment provider’s stock worth $14,206,000 after buying an additional 419,843 shares in the last quarter. 35.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GILT has been the subject of several recent research reports. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a report on Tuesday, February 10th. Freedom Capital upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Weiss Ratings reissued a “hold (c+)” rating on shares of Gilat Satellite Networks in a report on Monday, December 29th. Finally, Wall Street Zen downgraded Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One investment 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Trading Down 7.1%

Shares of NASDAQ:GILT traded down $1.18 during mid-day trading on Friday, reaching $15.39. The company had a trading volume of 492,525 shares, compared to its average volume of 808,111. Gilat Satellite Networks has a one year low of $5.30 and a one year high of $20.38. The company’s 50-day moving average price is $16.87 and its 200-day moving average price is $14.33. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 46.64 and a beta of 0.82.

Gilat Satellite Networks (NASDAQ:GILT) last released its earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%.The business had revenue of $136.96 million during the quarter, compared to the consensus estimate of $133.56 million. On average, research analysts anticipate that Gilat Satellite Networks will post 0.5 EPS for the current fiscal year.

About Gilat Satellite Networks

Gilat Satellite Networks is a leading provider of satellite-based broadband connectivity solutions, specializing in the design, development and deployment of ground segment equipment and network services. The company’s core offerings include Very Small Aperture Terminal (VSAT) modems and hub systems, network management software, and end-to-end satellite communication platforms. These technologies enable broadband Internet access, enterprise networking, and cellular backhaul in regions where terrestrial infrastructure is limited or non-existent.

Founded in 1987 and headquartered in Petah Tikva, Israel, Gilat has established a track record of innovation in satellite communications.