Gilat Satellite Networks Ltd. (NASDAQ: GILT) Sees Significant Short-Term Interest Growth

Gilat Satellite Networks Ltd. (NASDAQ: GILT) saw a sharp increase in short-term interest during the month of November. As of November 30, there was short interest totaling 142,700 shares, an increase of 29.1% from the total of 110,500 shares as of November 15. About 0.4% of stocks are sold short. Based on an average daily volume of 431,400 shares, the short-term interest rate is currently 0.3 days.

GILT stock traded up $ 0.20 on Friday at noon, reaching $ 7.47. 798,956 shares were traded, for an average volume of 1,046,846. The stock has a market cap of $ 422.35 million, a PE ratio of 7.25 and a beta of 0.27. Gilat Satellite Networks has a 52-week low of $ 5.80 and a 52-week high of $ 22.69. The company has a fifty-day moving average price of $ 7.81 and a 200-day moving average price of $ 9.15.

Gilat Satellite Networks (NASDAQ: GILT) last reported its results on Tuesday, November 9. The communications equipment supplier reported EPS of $ 0.01 for the quarter, beating Thomson Reuters consensus estimate of ($ 0.01) by $ 0.02. Gilat Satellite Networks recorded a negative return on equity of 3.11% and a net margin of 29.55%. The company reported revenue of $ 49.91 million for the quarter.

Hedge funds have recently increased or reduced their stakes in the company. Wells Fargo & Company MN increased its stake in Gilat Satellite Networks by 345.5% during the second quarter. Wells Fargo & Company MN now owns 3,818 shares of the communications equipment supplier valued at $ 39,000 after purchasing an additional 2,961 shares during the period. Citigroup Inc. increased its stake in Gilat Satellite Networks shares by 23.5% during the third quarter. Citigroup Inc. now owns 7,600 shares of the communications equipment supplier valued at $ 68,000 after purchasing an additional 1,446 shares in the last quarter. Patton Albertson Miller Group LLC purchased a new position in Gilat Satellite Networks shares during the third quarter valued at approximately $ 90,000. LPL Financial LLC purchased a new equity interest in Gilat Satellite Networks in the second quarter valued at approximately $ 103,000. Finally, B. Riley Wealth Management Inc. purchased a new equity interest in Gilat Satellite Networks in the third quarter valued at approximately $ 113,000. 33.68% of the shares are held by institutional investors.

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About Gilat Satellite Networks

Gilat Satellite Networks Ltd. provides satellite communications and broadband networking solutions and services. It operates through the following business sectors: fixed networks, mobility solutions and land infrastructure projects. The Fixed Networks segment provides advanced fixed broadband satellite communication networks, satellite communication systems and related professional services, as well as complete turnkey solutions and fully managed satellite network services solutions.

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