Gilat Satellite Networks (NASDAQ:GILT) Shares Up 7.1%

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s share price shot up 7.1% on Tuesday . The company traded as high as $8.24 and last traded at $8.17, 152,300 shares changed hands during trading. An increase of 807% from the average session volume of 16,795 shares. The stock had previously closed at $7.63.

A number of research firms have recently weighed in on GILT. BidaskClub downgraded shares of Gilat Satellite Networks from a “sell” rating to a “strong sell” rating in a research report on Wednesday, November 6th. ValuEngine raised shares of Gilat Satellite Networks from a “hold” rating to a “buy” rating in a research report on Saturday, October 19th.

The stock’s 50-day moving average price is $8.02 and its two-hundred day moving average price is $8.33. The stock has a market capitalization of $408.05 million, a P/E ratio of 23.00 and a beta of 0.66. The company has a current ratio of 1.68, a quick ratio of 1.47 and a debt-to-equity ratio of 0.02.

Institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC bought a new position in shares of Gilat Satellite Networks during the 3rd quarter valued at approximately $143,000. Jane Street Group LLC bought a new position in Gilat Satellite Networks in the 2nd quarter worth approximately $158,000. ARK Investment Management LLC boosted its holdings in Gilat Satellite Networks by 7.3% in the 2nd quarter. ARK Investment Management LLC now owns 54,388 shares of the communications equipment provider’s stock worth $460,000 after buying an additional 3,683 shares during the period. Swiss National Bank boosted its holdings in Gilat Satellite Networks by 26.8% in the 2nd quarter. Swiss National Bank now owns 56,466 shares of the communications equipment provider’s stock worth $483,000 after buying an additional 11,917 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Gilat Satellite Networks in the 2nd quarter worth approximately $114,359,000. 16.41% of the stock is owned by hedge funds and other institutional investors.

Gilat Satellite Networks Company Profile (NASDAQ:GILT)

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions and services in Israel, Latin America, Asia, the Asia Pacific, North America, Africa, Europe, and CIS countries. It operates through three segments: Fixed Networks, Mobility Solutions, and Terrestrial Infrastructure Projects.

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