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

Gilat Satellite Networks Ltd. (NASDAQ:GILT) was the recipient of a significant decline in short interest in the month of January. As of January 15th, there was short interest totalling 190,000 shares, a decline of 23.2% from the December 31st total of 247,500 shares. Based on an average trading volume of 286,700 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.3% of the shares of the company are short sold.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC raised its stake in Gilat Satellite Networks by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 63,621 shares of the communications equipment provider’s stock worth $335,000 after acquiring an additional 2,812 shares during the period. BNP Paribas Financial Markets bought a new position in Gilat Satellite Networks in the 3rd quarter worth $27,000. Foundry Partners LLC increased its stake in Gilat Satellite Networks by 1.0% in the 3rd quarter. Foundry Partners LLC now owns 834,230 shares of the communications equipment provider’s stock worth $4,396,000 after buying an additional 8,045 shares in the last quarter. PDT Partners LLC raised its holdings in Gilat Satellite Networks by 51.1% during the third quarter. PDT Partners LLC now owns 27,453 shares of the communications equipment provider’s stock valued at $145,000 after acquiring an additional 9,287 shares during the period. Finally, Virtu Financial LLC purchased a new position in shares of Gilat Satellite Networks in the third quarter valued at about $61,000. 35.72% of the stock is currently owned by institutional investors.

Gilat Satellite Networks Stock Performance

NASDAQ:GILT opened at $7.15 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 2.17. The stock has a 50-day simple moving average of $6.25 and a two-hundred day simple moving average of $5.33. The firm has a market capitalization of $407.69 million, a PE ratio of 24.66 and a beta of 0.57. Gilat Satellite Networks has a 52-week low of $4.04 and a 52-week high of $7.51.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GILT. StockNews.com upgraded shares of Gilat Satellite Networks from a “buy” rating to a “strong-buy” rating in a report on Friday, November 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 target price on shares of Gilat Satellite Networks in a report on Thursday, January 16th.

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.