Short Interest in Gilat Satellite Networks Ltd. (NASDAQ:GILT) Declines By 14.4%

Gilat Satellite Networks Ltd. (NASDAQ:GILT) was the target of a large drop in short interest during the month of February. As of February 13th, there was short interest totaling 2,942,970 shares, a drop of 14.4% from the January 29th total of 3,439,598 shares. Currently, 5.2% of the shares of the company are short sold. Based on an average daily volume of 1,478,818 shares, the short-interest ratio is presently 2.0 days. Based on an average daily volume of 1,478,818 shares, the short-interest ratio is presently 2.0 days. Currently, 5.2% of the shares of the company are short sold.

Gilat Satellite Networks Stock Down 5.1%

GILT stock opened at $16.72 on Friday. Gilat Satellite Networks has a 52 week low of $5.30 and a 52 week high of $20.38. The business has a 50-day simple moving average of $16.28 and a 200 day simple moving average of $13.50. The company has a quick ratio of 1.62, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. The company has a market cap of $956.55 million, a PE ratio of 50.67 and a beta of 0.82.

Gilat Satellite Networks (NASDAQ:GILT) last released its earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. The firm had revenue of $136.96 million for the quarter, compared to analyst estimates of $133.56 million. Gilat Satellite Networks had a net margin of 4.59% and a return on equity of 10.36%. Sell-side analysts anticipate that Gilat Satellite Networks will post 0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Gilat Satellite Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Clal Insurance Enterprises Holdings Ltd increased its stake in shares of Gilat Satellite Networks by 118.2% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,154,120 shares of the communications equipment provider’s stock valued at $51,992,000 after purchasing an additional 2,250,000 shares during the last quarter. Penserra Capital Management LLC lifted its position in shares of Gilat Satellite Networks by 831.1% during the 3rd quarter. Penserra Capital Management LLC now owns 1,193,094 shares of the communications equipment provider’s stock worth $15,533,000 after buying an additional 1,064,959 shares during the last quarter. Defiance ETFs LLC acquired a new stake in Gilat Satellite Networks in the fourth quarter valued at about $13,555,000. CSM Advisors LLC bought a new position in Gilat Satellite Networks in the second quarter valued at about $6,214,000. Finally, UBS Group AG raised its stake in Gilat Satellite Networks by 613.4% during the third quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock worth $12,545,000 after acquiring an additional 828,489 shares in the last quarter. 35.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on GILT. Weiss Ratings reiterated a “hold (c+)” rating on shares of Gilat Satellite Networks in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Gilat Satellite Networks in a research note on Tuesday, February 10th. Finally, Freedom Capital upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Gilat Satellite Networks currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

About Gilat Satellite Networks

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.