Gilat Satellite Networks Ltd. (NASDAQ:GILT) Short Interest Up 31.6% in September

Gilat Satellite Networks Ltd. (NASDAQ:GILT) saw a large increase in short interest in September. As of September 15th, there was short interest totalling 163,100 shares, an increase of 31.6% from the August 31st total of 123,900 shares. Based on an average daily volume of 308,500 shares, the short-interest ratio is currently 0.5 days. Approximately 0.5% of the company’s stock are short sold.

A number of brokerages have issued reports on GILT. TheStreet lowered Gilat Satellite Networks from a “b” rating to a “c+” rating in a research report on Monday, June 8th. BidaskClub raised Gilat Satellite Networks from a “sell” rating to a “hold” rating in a research report on Tuesday.

Several hedge funds have recently bought and sold shares of GILT. Water Island Capital LLC grew its stake in shares of Gilat Satellite Networks by 44.5% in the second quarter. Water Island Capital LLC now owns 1,331,930 shares of the communications equipment provider’s stock worth $8,484,000 after purchasing an additional 410,038 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of Gilat Satellite Networks in the first quarter worth $2,626,000. Gabelli Funds LLC bought a new position in shares of Gilat Satellite Networks in the first quarter worth $1,945,000. JPMorgan Chase & Co. grew its stake in shares of Gilat Satellite Networks by 8,831.4% in the first quarter. JPMorgan Chase & Co. now owns 274,642 shares of the communications equipment provider’s stock worth $1,947,000 after purchasing an additional 271,567 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Gilat Satellite Networks by 112.8% in the second quarter. Goldman Sachs Group Inc. now owns 494,717 shares of the communications equipment provider’s stock worth $3,151,000 after purchasing an additional 262,228 shares in the last quarter. 30.72% of the stock is currently owned by institutional investors and hedge funds.

Shares of GILT stock traded down $0.18 on Thursday, hitting $5.27. 490,633 shares of the stock traded hands, compared to its average volume of 417,462. The company has a market capitalization of $302.44 million, a PE ratio of 21.80 and a beta of 0.72. Gilat Satellite Networks has a 1-year low of $4.70 and a 1-year high of $10.76. The company’s fifty day moving average is $5.50 and its 200 day moving average is $6.61.

About Gilat Satellite Networks

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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