Van ECK Associates Corp Buys 577,479 Shares of Gilat Satellite Networks Ltd. $GILT

Van ECK Associates Corp raised its stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 47.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,799,354 shares of the communications equipment provider’s stock after purchasing an additional 577,479 shares during the period. Van ECK Associates Corp’s holdings in Gilat Satellite Networks were worth $23,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Huntington National Bank increased its position in shares of Gilat Satellite Networks by 200,000.0% during the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock valued at $26,000 after purchasing an additional 2,000 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in Gilat Satellite Networks by 82.1% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock worth $28,000 after buying an additional 960 shares during the last quarter. Smartleaf Asset Management LLC purchased a new position in Gilat Satellite Networks during the fourth quarter worth $39,000. Summit Securities Group LLC bought a new position in Gilat Satellite Networks during the first quarter valued at $48,000. Finally, Leonteq Securities AG purchased a new stake in shares of Gilat Satellite Networks in the fourth quarter valued at $64,000. Hedge funds and other institutional investors own 35.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GILT. 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, June 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. Finally, Zacks Research lowered Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Gilat Satellite Networks Price Performance

Shares of GILT stock opened at $9.94 on Monday. The company has a market capitalization of $733.88 million, a P/E ratio of 22.59 and a beta of 1.06. The company’s 50-day simple moving average is $11.49 and its two-hundred day simple moving average is $14.67. Gilat Satellite Networks Ltd. has a one year low of $9.10 and a one year high of $20.93.

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

Insider Buying and Selling at Gilat Satellite Networks

In related news, Director Amir Yechiel Ofek sold 3,923 shares of Gilat Satellite Networks stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $11.41, for a total value of $44,761.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Arieh Rohrstock sold 17,568 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $15.23, for a total transaction of $267,560.64. Following the completion of the sale, the insider directly owned 7,531 shares of the company’s stock, valued at approximately $114,697.13. This trade represents a 69.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.13% of the company’s stock.

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.