Gilat Satellite Networks (NASDAQ:GILT) Trading Down 7.5% – Here’s What Happened

Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) dropped 7.5% during mid-day trading on Monday . The stock traded as low as $15.83 and last traded at $15.88. Approximately 739,880 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 928,442 shares. The stock had previously closed at $17.17.

Wall Street Analysts Forecast Growth

GILT has been the topic of several research reports. Freedom Capital upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 12th. Wall Street Zen cut shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Gilat Satellite Networks in a research note on Tuesday, February 10th. Finally, Zacks Research upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $20.00.

Gilat Satellite Networks Stock Performance

The stock has a market capitalization of $1.18 billion, a P/E ratio of 31.29 and a beta of 1.00. The company’s 50-day moving average price is $17.30 and its 200 day moving average price is $15.65.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.18 EPS for the quarter. The firm had revenue of $110.47 million for the quarter. Gilat Satellite Networks had a net margin of 6.80% and a return on equity of 11.65%. Analysts predict that Gilat Satellite Networks Ltd. will post 0.7 earnings per share for the current year.

Insider Buying and Selling at Gilat Satellite Networks

In other news, CEO Adi Sfadia sold 48,978 shares of the business’s stock in a transaction dated 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 SEC, which is available through the SEC website. Also, insider Doron Kerbel sold 7,500 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $18.03, for a total transaction of $135,225.00. The disclosure for this sale is available in the SEC filing. 1.13% of the stock is owned by company insiders.

Institutional Trading of Gilat Satellite Networks

A number of large investors have recently made changes to their positions in the business. Bank of America Corp DE increased its holdings in shares of Gilat Satellite Networks by 241.6% in the 1st quarter. Bank of America Corp DE now owns 25,658 shares of the communications equipment provider’s stock worth $385,000 after buying an additional 18,146 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Gilat Satellite Networks by 57.2% in the 1st quarter. Public Employees Retirement System of Ohio now owns 42,085 shares of the communications equipment provider’s stock worth $628,000 after buying an additional 15,316 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Gilat Satellite Networks by 29.7% in the 1st quarter. Sei Investments Co. now owns 100,506 shares of the communications equipment provider’s stock worth $1,510,000 after buying an additional 23,031 shares during the last quarter. Swiss National Bank bought a new stake in shares of Gilat Satellite Networks in the 1st quarter worth about $2,159,000. Finally, Y.D. More Investments Ltd increased its holdings in shares of 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 worth $10,560,000 after buying an additional 311,951 shares during the last quarter. 35.72% of the stock is currently owned by institutional investors.

Gilat Satellite Networks Company Profile

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.