Gilat Satellite Networks (NASDAQ:GILT) Reaches New 1-Year High – Here’s Why

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $11.93 and last traded at $11.93, with a volume of 241136 shares changing hands. The stock had previously closed at $11.63.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GILT. Needham & Company LLC boosted their target price on Gilat Satellite Networks from $8.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. Zacks Research raised shares of Gilat Satellite Networks to a “strong-buy” rating in a research report on Friday, August 8th. Finally, Wall Street Zen upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $11.00.

Gilat Satellite Networks Stock Up 1.6%

The stock has a market capitalization of $675.94 million, a P/E ratio of 30.32 and a beta of 0.51. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $9.08 and a 200 day moving average price of $7.34.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.17. The business had revenue of $105.00 million during the quarter, compared to analysts’ expectations of $100.99 million. Gilat Satellite Networks had a return on equity of 10.05% and a net margin of 6.41%. On average, equities analysts expect that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Gilat Satellite Networks

Hedge funds have recently modified their holdings of the stock. Tidal Investments LLC raised its position in Gilat Satellite Networks by 6.8% during the second quarter. Tidal Investments LLC now owns 66,474 shares of the communications equipment provider’s stock valued at $471,000 after purchasing an additional 4,250 shares in the last quarter. Bank of America Corp DE raised its position in Gilat Satellite Networks by 23.2% in the 2nd quarter. Bank of America Corp DE now owns 121,258 shares of the communications equipment provider’s stock worth $860,000 after purchasing an additional 22,817 shares during the period. Jane Street Group LLC increased its position in shares of Gilat Satellite Networks by 298.7% during the second quarter. Jane Street Group LLC now owns 68,222 shares of the communications equipment provider’s stock valued at $484,000 after buying an additional 51,109 shares during the period. First Wilshire Securities Management Inc. lifted its position in Gilat Satellite Networks by 1.0% during 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 purchasing an additional 14,782 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of Gilat Satellite Networks by 1.6% during the second quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider’s stock worth $3,643,000 after acquiring an additional 8,105 shares during the last quarter. Institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.