Gilat Satellite Networks (NASDAQ:GILT) Hits New 52-Week Low – Time to Sell?

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $9.65 and last traded at $9.8450, with a volume of 87175 shares trading hands. The stock had previously closed at $10.12.

Analysts Set New Price Targets

Several equities research analysts recently commented on GILT shares. Weiss Ratings reissued a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. Zacks Research downgraded shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.00.

Gilat Satellite Networks Price Performance

The stock has a 50 day moving average price of $11.10 and a 200-day moving average price of $14.44. The stock has a market capitalization of $719.84 million, a price-to-earnings ratio of 22.16 and a beta of 1.05.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings data on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share 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. As a group, research analysts forecast that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current year.

Insider Buying and Selling at Gilat Satellite Networks

In other news, Director Amir Ofek sold 3,923 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were 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 SEC, which is available through this link. Corporate insiders own 1.13% of the company’s stock.

Institutional Trading of Gilat Satellite Networks

Hedge funds have recently bought and sold shares of the business. Huntington National Bank lifted its stake in Gilat Satellite Networks by 200,000.0% in the 4th 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 in the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of 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 valued at $28,000 after purchasing an additional 960 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Gilat Satellite Networks by 103.4% in the second quarter. NewEdge Advisors LLC now owns 2,091 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 1,063 shares during the last quarter. Smartleaf Asset Management LLC purchased a new position in Gilat Satellite Networks during the fourth quarter worth approximately $39,000. Finally, Summit Securities Group LLC purchased a new position in Gilat Satellite Networks during the first quarter worth approximately $48,000. Institutional investors and hedge funds 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.