Gilat Satellite Networks (NASDAQ:GILT) Cut to “Buy” at StockNews.com

StockNews.com lowered shares of Gilat Satellite Networks (NASDAQ:GILT) from a strong-buy rating to a buy rating in a report released on Friday morning.

Separately, Needham & Company LLC restated a “buy” rating and set a $8.50 target price on shares of Gilat Satellite Networks in a research report on Wednesday, February 26th.

Gilat Satellite Networks Stock Down 1.1 %

Shares of NASDAQ:GILT opened at $7.04 on Friday. The business’s 50 day moving average is $6.93 and its 200 day moving average is $5.81. The stock has a market cap of $401.40 million, a price-to-earnings ratio of 16.00 and a beta of 0.62. Gilat Satellite Networks has a 12-month low of $4.04 and a 12-month high of $8.05. The company has a quick ratio of 2.14, a current ratio of 2.52 and a debt-to-equity ratio of 0.01.

Gilat Satellite Networks (NASDAQ:GILT) last issued its earnings results on Wednesday, February 12th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. Gilat Satellite Networks had a return on equity of 9.74% and a net margin of 8.14%. On average, sell-side analysts forecast that Gilat Satellite Networks will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gilat Satellite Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GILT. LBP AM SA boosted its holdings in shares of Gilat Satellite Networks by 83.9% in the 4th quarter. LBP AM SA now owns 347,268 shares of the communications equipment provider’s stock worth $2,136,000 after purchasing an additional 158,468 shares in the last quarter. Inspire Investing LLC purchased a new position in shares of Gilat Satellite Networks in the 4th quarter worth about $864,000. Van ECK Associates Corp boosted its holdings in shares of Gilat Satellite Networks by 279.0% in the 4th quarter. Van ECK Associates Corp now owns 136,380 shares of the communications equipment provider’s stock worth $839,000 after purchasing an additional 100,396 shares in the last quarter. Clearline Capital LP boosted its holdings in shares of Gilat Satellite Networks by 510.5% in the 3rd quarter. Clearline Capital LP now owns 99,409 shares of the communications equipment provider’s stock worth $524,000 after purchasing an additional 83,127 shares in the last quarter. Finally, Foundry Partners LLC boosted its holdings in shares of Gilat Satellite Networks by 9.0% in the 4th quarter. Foundry Partners LLC now owns 909,490 shares of the communications equipment provider’s stock worth $5,593,000 after purchasing an additional 75,260 shares in the last quarter. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

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.