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

Van ECK Associates Corp lifted its stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 47.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,799,354 shares of the communications equipment provider’s stock after acquiring an additional 577,479 shares during the quarter. Van ECK Associates Corp owned approximately 2.44% of Gilat Satellite Networks worth $23,949,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Huntington National Bank boosted its position in shares of Gilat Satellite Networks by 200,000.0% in the fourth quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after purchasing an additional 2,000 shares during the period. SBI Securities Co. Ltd. boosted its holdings in Gilat Satellite Networks by 82.1% in the 4th 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 period. Smartleaf Asset Management LLC purchased a new stake in Gilat Satellite Networks in the 4th quarter worth $39,000. Summit Securities Group LLC bought a new stake in Gilat Satellite Networks during the first quarter valued at about $48,000. Finally, Leonteq Securities AG purchased a new position in shares of Gilat Satellite Networks in the fourth quarter valued at about $64,000. 35.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Gilat Satellite Networks

In other news, Director Amir Yechiel Ofek sold 3,923 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $11.41, for a total transaction of $44,761.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Arieh Rohrstock sold 17,568 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $15.23, for a total value of $267,560.64. Following the transaction, the insider owned 7,531 shares of the company’s stock, valued at $114,697.13. This represents a 69.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Zacks Research cut Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company’s stock. Based on 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

Shares of Gilat Satellite Networks stock opened at $9.94 on Monday. Gilat Satellite Networks Ltd. has a twelve month low of $9.10 and a twelve month high of $20.93. The business has a 50-day moving average price of $11.49 and a 200-day moving average price of $14.67. The firm has a market cap of $733.88 million, a price-to-earnings ratio of 22.59 and a beta of 1.06.

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

Gilat Satellite Networks 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.