Gilat Satellite Networks (NASDAQ:GILT) Stock Price Down 5.6% on Insider Selling

Gilat Satellite Networks Ltd. (NASDAQ:GILT) fell 5.6% on Monday following insider selling activity. The stock traded as low as $14.31 and last traded at $14.1660. 436,146 shares were traded during trading, a decline of 52% from the average session volume of 916,439 shares. The stock had previously closed at $15.00.

Specifically, insider Arieh Rohrstock sold 17,568 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total transaction of $267,560.64. Following the transaction, the insider directly owned 7,531 shares of the company’s stock, valued at $114,697.13. This represents a 69.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

Several equities research analysts have recently commented on GILT shares. Zacks Research upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Wall Street Zen lowered Gilat Satellite Networks from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $20.00.

Gilat Satellite Networks Price Performance

The company has a market cap of $1.06 billion, a PE ratio of 28.29 and a beta of 1.00. The company has a 50-day moving average of $17.08 and a 200 day moving average of $15.89.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 EPS for the quarter. The company had revenue of $110.47 million during the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%. Equities research analysts expect that Gilat Satellite Networks Ltd. will post 0.7 EPS for the current year.

Institutional Trading of Gilat Satellite Networks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Clal Insurance Enterprises Holdings Ltd raised its stake in Gilat Satellite Networks by 33.8% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after acquiring an additional 1,402,035 shares during the last quarter. Royce & Associates LP grew its position in shares of 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 valued at $15,605,000 after acquiring an additional 132,599 shares during the period. Van ECK Associates Corp grew its position in shares of Gilat Satellite Networks by 77.3% during the 4th quarter. Van ECK Associates Corp now owns 1,068,141 shares of the communications equipment provider’s stock valued at $13,822,000 after acquiring an additional 465,775 shares during the period. Defiance ETFs LLC acquired a new stake in Gilat Satellite Networks in the 4th quarter worth about $13,555,000. Finally, UBS Group AG boosted its holdings in Gilat Satellite Networks by 613.4% in the 3rd quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock worth $12,545,000 after buying an additional 828,489 shares during the last quarter. Hedge funds and other institutional investors own 35.72% of the company’s stock.

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.