Gilat Satellite Networks Ltd. (NASDAQ:GILT) Sees Significant Decline in Short Interest

Gilat Satellite Networks Ltd. (NASDAQ:GILT) saw a large drop in short interest in the month of February. As of February 13th, there was short interest totaling 2,942,970 shares, a drop of 14.4% from the January 29th total of 3,439,598 shares. Based on an average trading volume of 1,478,818 shares, the short-interest ratio is currently 2.0 days. Currently, 5.2% of the shares of the company are short sold. Currently, 5.2% of the shares of the company are short sold. Based on an average trading volume of 1,478,818 shares, the short-interest ratio is currently 2.0 days.

Institutional Trading of Gilat Satellite Networks

Hedge funds have recently added to or reduced their stakes in the stock. Clal Insurance Enterprises Holdings Ltd boosted its holdings in shares of Gilat Satellite Networks by 33.8% during the 4th 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 acquiring an additional 1,402,035 shares in the last quarter. First Wilshire Securities Management Inc. increased its stake in shares of Gilat Satellite Networks by 1.0% in the second 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 buying an additional 14,782 shares during the period. Royce & Associates LP boosted its position in Gilat Satellite Networks by 12.4% during the 3rd quarter. Royce & Associates LP now owns 1,198,560 shares of the communications equipment provider’s stock worth $15,605,000 after buying an additional 132,599 shares during the period. Penserra Capital Management LLC grew its stake 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 purchasing an additional 1,064,959 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Gilat Satellite Networks by 62.6% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,091,053 shares of the communications equipment provider’s stock valued at $14,206,000 after buying an additional 419,843 shares during the last quarter. Institutional investors and hedge funds own 35.72% of the company’s stock.

Gilat Satellite Networks Price Performance

Shares of GILT traded up $0.63 during trading hours on Wednesday, hitting $17.53. 667,302 shares of the company were exchanged, compared to its average volume of 1,048,845. The company has a market cap of $1.00 billion, a price-to-earnings ratio of 53.12 and a beta of 0.82. The firm’s fifty day moving average is $16.10 and its 200 day moving average is $13.45. Gilat Satellite Networks has a fifty-two week low of $5.30 and a fifty-two week high of $20.38. The company has a quick ratio of 1.62, a current ratio of 1.84 and a debt-to-equity ratio of 0.14.

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

Analysts Set New Price Targets

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

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.