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

Gilat Satellite Networks Ltd. (NASDAQ:GILT) saw a significant drop in short interest in July. As of July 31st, there was short interest totalling 5,300 shares, a drop of 7.0% from the June 30th total of 5,700 shares. Based on an average trading volume of 14,400 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.0% of the company’s stock are sold short.

Several brokerages have issued reports on GILT. ValuEngine raised shares of Gilat Satellite Networks from a “hold” rating to a “buy” rating in a research report on Thursday, July 11th. BidaskClub downgraded shares of Gilat Satellite Networks from a “hold” rating to a “sell” rating in a research report on Thursday.

NASDAQ:GILT traded up $0.23 during trading hours on Friday, hitting $7.90. The stock had a trading volume of 33,201 shares, compared to its average volume of 8,920. The company has a current ratio of 1.68, a quick ratio of 1.47 and a debt-to-equity ratio of 0.02. Gilat Satellite Networks has a 1-year low of $7.60 and a 1-year high of $10.74. The business has a 50 day simple moving average of $8.44 and a two-hundred day simple moving average of $8.69. The company has a market cap of $426.24 million, a PE ratio of 26.20 and a beta of 0.64.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings results on Tuesday, August 6th. The communications equipment provider reported $0.08 earnings per share for the quarter. Gilat Satellite Networks had a net margin of 7.93% and a return on equity of 7.79%. The business had revenue of $59.69 million during the quarter.

Several hedge funds have recently added to or reduced their stakes in GILT. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Gilat Satellite Networks during the first quarter worth approximately $33,000. Jane Street Group LLC acquired a new stake in shares of Gilat Satellite Networks during the second quarter worth approximately $158,000. ARK Investment Management LLC grew its position in shares of Gilat Satellite Networks by 7.3% during the second 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 in the last quarter. Swiss National Bank grew its position in shares of Gilat Satellite Networks by 26.8% during the second 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 in the last quarter. Finally, Sphera Funds Management LTD. grew its position in shares of Gilat Satellite Networks by 5.8% during the first quarter. Sphera Funds Management LTD. now owns 176,406 shares of the communications equipment provider’s stock worth $1,482,000 after buying an additional 9,743 shares in the last quarter. 16.39% of the stock is owned by institutional investors and hedge funds.

Gilat Satellite Networks Company Profile

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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