Renaissance Technologies LLC Increases Holdings in Gilat Satellite Networks Ltd. (NASDAQ:GILT)

Renaissance Technologies LLC raised its stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 2.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 1,077,733 shares of the communications equipment provider’s stock after buying an additional 24,204 shares during the quarter. Renaissance Technologies LLC’s holdings in Gilat Satellite Networks were worth $4,817,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Foundry Partners LLC increased its stake in Gilat Satellite Networks by 27.4% in the 2nd quarter. Foundry Partners LLC now owns 826,185 shares of the communications equipment provider’s stock worth $3,693,000 after buying an additional 177,675 shares in the last quarter. AWM Investment Company Inc. bought a new position in shares of Gilat Satellite Networks in the 1st quarter valued at about $4,201,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Gilat Satellite Networks in the second quarter worth about $3,000,000. ARK Investment Management LLC lifted its stake in Gilat Satellite Networks by 12.4% in the second quarter. ARK Investment Management LLC now owns 403,249 shares of the communications equipment provider’s stock worth $1,803,000 after purchasing an additional 44,499 shares during the last quarter. Finally, LA Financiere DE L Echiquier lifted its stake in Gilat Satellite Networks by 20.4% in the second quarter. LA Financiere DE L Echiquier now owns 188,800 shares of the communications equipment provider’s stock worth $844,000 after purchasing an additional 32,000 shares during the last quarter. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

Gilat Satellite Networks Stock Down 1.8 %

GILT stock opened at $5.13 on Friday. Gilat Satellite Networks Ltd. has a 52 week low of $4.04 and a 52 week high of $6.80. The stock has a market capitalization of $292.21 million, a P/E ratio of 12.51 and a beta of 0.58. The company has a quick ratio of 1.81, a current ratio of 2.14 and a debt-to-equity ratio of 0.01. The firm has a 50-day simple moving average of $4.59 and a 200-day simple moving average of $5.00.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings results on Wednesday, August 7th. The communications equipment provider reported $0.10 earnings per share for the quarter. Gilat Satellite Networks had a net margin of 6.80% and a return on equity of 8.23%. The business had revenue of $76.63 million during the quarter.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. StockNews.com downgraded shares of Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 19th. William Blair assumed coverage on shares of Gilat Satellite Networks in a research note on Thursday. They set an “outperform” rating for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $8.50 target price on shares of Gilat Satellite Networks in a research report on Thursday, August 8th.

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.