Gilat Satellite Networks Ltd. (NASDAQ:GILT – Get Rating) was the recipient of a large decline in short interest in the month of July. As of July 15th, there was short interest totalling 399,800 shares, a decline of 22.1% from the June 30th total of 513,200 shares. Based on an average daily trading volume, of 209,200 shares, the short-interest ratio is presently 1.9 days. Approximately 0.8% of the company’s shares are sold short.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. Bank of America Corp DE raised its stake in Gilat Satellite Networks by 237.6% during the first quarter. Bank of America Corp DE now owns 17,858 shares of the communications equipment provider’s stock worth $158,000 after acquiring an additional 12,568 shares in the last quarter. Royal Bank of Canada boosted its holdings in Gilat Satellite Networks by 74.8% during the first quarter. Royal Bank of Canada now owns 3,501 shares of the communications equipment provider’s stock worth $31,000 after buying an additional 1,498 shares during the last quarter. Eqis Capital Management Inc. bought a new position in Gilat Satellite Networks during the first quarter worth about $123,000. Goldman Sachs Group Inc. raised its position in shares of Gilat Satellite Networks by 4.3% during the first quarter. Goldman Sachs Group Inc. now owns 48,999 shares of the communications equipment provider’s stock worth $432,000 after purchasing an additional 1,999 shares during the period. Finally, Vident Investment Advisory LLC raised its position in shares of Gilat Satellite Networks by 82.6% during the first quarter. Vident Investment Advisory LLC now owns 28,004 shares of the communications equipment provider’s stock worth $247,000 after purchasing an additional 12,664 shares during the period. 47.91% of the stock is currently owned by institutional investors and hedge funds.
Gilat Satellite Networks Price Performance
Shares of GILT opened at $6.62 on Monday. The company has a market capitalization of $374.58 million, a price-to-earnings ratio of 94.00 and a beta of 0.39. The business’s 50-day moving average is $6.31 and its 200-day moving average is $7.32. Gilat Satellite Networks has a fifty-two week low of $5.62 and a fifty-two week high of $10.64.
About Gilat Satellite Networks
Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel and internationally. It operates through Fixed Networks, Mobility Solutions, and Terrestrial Infrastructure Projects segments. The company designs and manufactures ground-based satellite communications equipment; and provides solutions and end-to-end services.
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