ARK Investment Management LLC Sells 70,649 Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT)

ARK Investment Management LLC lowered its position in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 16.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 364,314 shares of the communications equipment provider’s stock after selling 70,649 shares during the quarter. ARK Investment Management LLC owned approximately 0.64% of Gilat Satellite Networks worth $2,241,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Foundry Partners LLC increased its position in Gilat Satellite Networks by 1.0% in the third quarter. Foundry Partners LLC now owns 834,230 shares of the communications equipment provider’s stock worth $4,396,000 after purchasing an additional 8,045 shares during the period. Inspire Investing LLC bought a new position in shares of Gilat Satellite Networks in the 4th quarter valued at about $864,000. Van ECK Associates Corp grew its position in shares of Gilat Satellite Networks by 279.0% during the 4th quarter. Van ECK Associates Corp now owns 136,380 shares of the communications equipment provider’s stock worth $839,000 after buying an additional 100,396 shares during the period. Clearline Capital LP raised its stake in shares of 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 buying an additional 83,127 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in Gilat Satellite Networks by 4.6% in the third quarter. Tidal Investments LLC now owns 63,621 shares of the communications equipment provider’s stock valued at $335,000 after buying an additional 2,812 shares during the period. Institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Price Performance

Gilat Satellite Networks stock opened at $7.32 on Thursday. The firm has a market capitalization of $417.36 million, a P/E ratio of 16.64 and a beta of 0.60. The business has a 50-day moving average of $6.74 and a 200-day moving average of $5.67. The company has a current ratio of 2.52, a quick ratio of 2.14 and a debt-to-equity ratio of 0.01. Gilat Satellite Networks Ltd. has a 1 year low of $4.04 and a 1 year high of $8.05.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings data on Wednesday, February 12th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Gilat Satellite Networks had a net margin of 8.14% and a return on equity of 9.74%. On average, equities analysts anticipate that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current year.

Analyst Ratings Changes

A number of analysts have commented on GILT shares. StockNews.com raised shares of Gilat Satellite Networks from a “buy” rating to a “strong-buy” rating in a report on Friday, November 15th. Needham & Company LLC restated a “buy” rating and issued a $8.50 price target on shares of Gilat Satellite Networks in a research report on Wednesday.

Gilat Satellite Networks 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.