Satixfy Communications (NYSEAMERICAN:SATX) Shares Down 6.5% – What’s Next?

Satixfy Communications Ltd. (NYSEAMERICAN:SATX)’s share price dropped 6.5% during mid-day trading on Tuesday . The stock traded as low as $1.69 and last traded at $1.74. Approximately 273,950 shares changed hands during trading, a decline of 48% from the average daily volume of 525,688 shares. The stock had previously closed at $1.86.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SATX. Northland Securities initiated coverage on Satixfy Communications in a report on Thursday, December 5th. They set an “outperform” rating and a $2.00 price objective for the company. Northland Capmk upgraded shares of Satixfy Communications to a “strong-buy” rating in a research report on Thursday, December 5th. Finally, Alliance Global Partners initiated coverage on shares of Satixfy Communications in a research note on Monday, December 16th. They set a “buy” rating and a $2.50 price objective on the stock.

Satixfy Communications Stock Down 9.2 %

Hedge Funds Weigh In On Satixfy Communications

A hedge fund recently raised its stake in Satixfy Communications stock. Senvest Management LLC increased its position in Satixfy Communications Ltd. (NYSEAMERICAN:SATX) by 2.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,277,958 shares of the company’s stock after purchasing an additional 95,115 shares during the quarter. Senvest Management LLC owned approximately 5.15% of Satixfy Communications worth $3,024,000 as of its most recent SEC filing. 5.04% of the stock is currently owned by hedge funds and other institutional investors.

About Satixfy Communications

Satixfy Communications Ltd. engages in the development of vertically integrated satellite communication systems and ground terminal chips worldwide. It offers application-specific and radio frequency integrated circuit chips, such as PRIME and BEAT antenna chips, which enable multi-beamforming and beam-hopping for satellite payloads and user terminals; and SX-4000 satellite payload chips, that enables digital on-board processing, beam- hopping, and enhanced connectivity needs, including positioning, navigation, and timing for LEO, MEO, and GEO satellite communications systems, as well as Aero/IFC systems, and certain COTM and on the pause applications.