Gilat Satellite Networks (NASDAQ:GILT) Reaches New 1-Year High After Strong Earnings

Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $8.85 and last traded at $8.84, with a volume of 2399681 shares trading hands. The stock had previously closed at $7.35.

The communications equipment provider reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.17. Gilat Satellite Networks had a net margin of 4.32% and a return on equity of 8.16%. The firm had revenue of $105.00 million for the quarter, compared to the consensus estimate of $100.99 million.

Wall Street Analysts Forecast Growth

GILT has been the topic of several research analyst reports. Wall Street Zen cut shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Wednesday, May 28th. Needham & Company LLC restated a “buy” rating and issued a $8.50 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, May 20th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in shares of Gilat Satellite Networks during the fourth quarter worth approximately $226,000. Inspire Advisors LLC purchased a new position in shares of Gilat Satellite Networks during the first quarter worth approximately $308,000. Bank of America Corp DE raised its stake in shares of Gilat Satellite Networks by 83.4% during the fourth quarter. Bank of America Corp DE now owns 49,526 shares of the communications equipment provider’s stock worth $305,000 after acquiring an additional 22,515 shares in the last quarter. Royce & Associates LP purchased a new position in shares of Gilat Satellite Networks during the first quarter worth approximately $4,434,000. Finally, Lazard Asset Management LLC raised its stake in shares of Gilat Satellite Networks by 62.9% during the fourth quarter. Lazard Asset Management LLC now owns 167,268 shares of the communications equipment provider’s stock worth $1,028,000 after acquiring an additional 64,610 shares in the last quarter. 35.72% of the stock is currently owned by institutional investors.

Gilat Satellite Networks Price Performance

The stock has a market capitalization of $523.47 million, a PE ratio of 38.13 and a beta of 0.46. The firm’s 50 day simple moving average is $7.01 and its 200 day simple moving average is $6.76. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.41 and a quick ratio of 1.06.

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.