Gilat Satellite Networks Ltd. (NASDAQ:GILT) Sees Significant Growth in Short Interest

Gilat Satellite Networks Ltd. (NASDAQ:GILT) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 72,000 shares, a growth of 41.2% from the October 15th total of 51,000 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily volume of 134,100 shares, the days-to-cover ratio is currently 0.5 days.

Analysts Set New Price Targets

Several research analysts recently commented on GILT shares. William Blair initiated coverage on Gilat Satellite Networks in a research note on Thursday, September 26th. They set an “outperform” rating for the company. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price target on shares of Gilat Satellite Networks in a research note on Friday. Finally, StockNews.com raised shares of Gilat Satellite Networks from a “buy” rating to a “strong-buy” rating in a research report on Friday.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GILT. AWM Investment Company Inc. purchased a new stake in Gilat Satellite Networks in the 1st quarter valued at approximately $4,201,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Gilat Satellite Networks in the second quarter valued at $3,000,000. Foundry Partners LLC boosted its stake in shares of Gilat Satellite Networks by 27.4% during the second quarter. Foundry Partners LLC now owns 826,185 shares of the communications equipment provider’s stock valued at $3,693,000 after acquiring an additional 177,675 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Gilat Satellite Networks by 410.2% during the second quarter. Marshall Wace LLP now owns 129,259 shares of the communications equipment provider’s stock valued at $578,000 after acquiring an additional 103,924 shares during the last quarter. Finally, Clearline Capital LP increased its position in Gilat Satellite Networks by 510.5% during 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. Institutional investors and hedge funds own 35.72% of the company’s stock.

Gilat Satellite Networks Stock Performance

Gilat Satellite Networks stock traded up $0.16 during midday trading on Friday, hitting $5.03. 182,862 shares of the company’s stock were exchanged, compared to its average volume of 190,736. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 2.14. The stock has a market cap of $286.80 million, a price-to-earnings ratio of 17.34 and a beta of 0.59. Gilat Satellite Networks has a 12-month low of $4.04 and a 12-month high of $6.80. The firm’s 50 day simple moving average is $5.01 and its 200 day simple moving average is $4.90.

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.