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

Gilat Satellite Networks Ltd. (NASDAQ:GILT) was the target of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 134,900 shares, a growth of 87.4% from the October 31st total of 72,000 shares. Based on an average trading volume of 162,400 shares, the days-to-cover ratio is presently 0.8 days. Approximately 0.2% of the shares of the stock are sold short.

Gilat Satellite Networks Price Performance

GILT traded down $0.01 during trading on Thursday, reaching $5.41. The company’s stock had a trading volume of 110,362 shares, compared to its average volume of 191,219. The company has a market cap of $308.48 million, a price-to-earnings ratio of 18.66 and a beta of 0.59. The firm has a fifty day simple moving average of $5.15 and a two-hundred day simple moving average of $4.90. Gilat Satellite Networks has a 1 year low of $4.04 and a 1 year high of $6.80. The company has a quick ratio of 1.84, a current ratio of 2.17 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Gilat Satellite Networks

A number of institutional investors have recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Gilat Satellite Networks in the 2nd quarter valued at $3,000,000. Foundry Partners LLC grew its holdings in shares of Gilat Satellite Networks by 27.4% in the second quarter. Foundry Partners LLC now owns 826,185 shares of the communications equipment provider’s stock valued at $3,693,000 after purchasing an additional 177,675 shares during the period. Marshall Wace LLP increased its position in 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 worth $578,000 after purchasing an additional 103,924 shares during the last quarter. Clearline Capital LP raised its stake in Gilat Satellite Networks by 510.5% during the third 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 during the period. Finally, Tidal Investments LLC purchased a new position in Gilat Satellite Networks during the first quarter worth about $316,000. Hedge funds and other institutional investors own 35.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on GILT shares. William Blair started coverage on Gilat Satellite Networks in a research note on Thursday, September 26th. They issued an “outperform” rating on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 target price on shares of Gilat Satellite Networks in a research note on Friday, November 15th. Finally, StockNews.com upgraded shares of Gilat Satellite Networks from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 15th.

About Gilat Satellite Networks

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.