Gilat Satellite Networks (NASDAQ:GILT) Sees Unusually-High Trading Volume – Still a Buy?

Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares saw an uptick in trading volume on Wednesday. Approximately 983,666 shares were traded during trading, an increase of 24% from the previous session’s volume of 794,569 shares. The stock last traded at $9.1640 and had previously closed at $9.22.

Wall Street Analysts Forecast Growth

GILT has been the subject of a number of recent analyst reports. Zacks Research downgraded Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Weiss Ratings restated a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Monday, September 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Gilat Satellite Networks currently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Price Performance

The stock’s fifty day simple moving average is $10.32 and its 200-day simple moving average is $13.45. The stock has a market cap of $688.10 million, a P/E ratio of 21.18 and a beta of 1.04.

Gilat Satellite Networks (NASDAQ:GILT) last announced its earnings results on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter. The firm had revenue of $122.66 million during the quarter. Gilat Satellite Networks had a net margin of 6.21% and a return on equity of 10.12%. Analysts forecast that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current year.

Insider Buying and Selling

In other Gilat Satellite Networks news, Director Amir Ofek sold 3,923 shares of Gilat Satellite Networks 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 document filed 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

Several hedge funds have recently bought and sold shares of GILT. Clal Insurance Enterprises Holdings Ltd raised 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 purchasing an additional 1,402,035 shares during the period. Van ECK Associates Corp boosted its holdings 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 purchasing an additional 577,479 shares during the period. Wellington Management Group LLP lifted its stake in shares of Gilat Satellite Networks by 6.3% in the second quarter. Wellington Management Group LLP now owns 1,094,623 shares of the communications equipment provider’s stock valued at $14,569,000 after buying an additional 64,917 shares during the period. AWM Investment Company Inc. acquired a new stake in Gilat Satellite Networks during the second quarter worth about $13,792,000. Finally, Y.D. More Investments Ltd raised its holdings in Gilat Satellite Networks by 77.3% in the 1st quarter. Y.D. More Investments Ltd now owns 715,697 shares of the communications equipment provider’s stock valued at $10,560,000 after acquiring an additional 311,951 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.