Thrivent Financial for Lutherans Cuts Stake in Gilat Satellite Networks Ltd. (NASDAQ:GILT)

Thrivent Financial for Lutherans lessened its position in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 55.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,124,000 shares of the communications equipment provider's stock after selling 1,391,027 shares during the quarter. Thrivent Financial for Lutherans owned approximately 1.97% of Gilat Satellite Networks worth $5,025,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GILT. Foundry Partners LLC acquired a new stake in shares of Gilat Satellite Networks during the 1st quarter worth approximately $3,521,000. Quadrature Capital Ltd raised its stake in Gilat Satellite Networks by 19.6% during the 1st quarter. Quadrature Capital Ltd now owns 33,937 shares of the communications equipment provider's stock worth $184,000 after buying an additional 5,559 shares during the period. Wedbush Securities Inc. bought a new position in Gilat Satellite Networks in the second quarter worth approximately $46,000. Tidal Investments LLC bought a new position in Gilat Satellite Networks in the first quarter worth approximately $316,000. Finally, ARK Investment Management LLC grew 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 valued at $1,803,000 after acquiring an additional 44,499 shares during the period. Institutional investors and hedge funds own 35.72% of the company's stock.

Gilat Satellite Networks Stock Down 1.8 %

Shares of GILT stock traded down $0.09 during trading hours on Friday, reaching $5.13. The company had a trading volume of 205,650 shares, compared to its average volume of 197,806. The company has a market cap of $292.21 million, a price-to-earnings ratio of 12.50 and a beta of 0.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.14 and a quick ratio of 1.81. Gilat Satellite Networks Ltd. has a 12 month low of $4.04 and a 12 month high of $6.80. The business has a fifty day simple moving average of $4.60 and a 200-day simple moving average of $5.00.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GILT. William Blair started coverage on Gilat Satellite Networks in a report on Thursday. They issued an "outperform" rating on the stock. StockNews.com lowered shares of Gilat Satellite Networks from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, June 19th. Finally, Needham & Company LLC reissued a "buy" rating and set a $8.50 target price on shares of Gilat Satellite Networks in a research report on Thursday, August 8th.

About Gilat Satellite Networks

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.