ARK Investment Management LLC Sells 31,212 Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT)

ARK Investment Management LLC decreased its position in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 9.3% during the fourth quarter, HoldingsChannel reports. The firm owned 305,008 shares of the communications equipment provider’s stock after selling 31,212 shares during the quarter. ARK Investment Management LLC’s holdings in Gilat Satellite Networks were worth $1,864,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Deutsche Bank AG bought a new stake in shares of Gilat Satellite Networks in the fourth quarter valued at approximately $27,000. Royal Bank of Canada raised its stake in Gilat Satellite Networks by 74.8% during the 1st quarter. Royal Bank of Canada now owns 3,501 shares of the communications equipment provider’s stock valued at $31,000 after purchasing an additional 1,498 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in Gilat Satellite Networks in the 3rd quarter valued at $60,000. Schonfeld Strategic Advisors LLC acquired a new stake in Gilat Satellite Networks in the 3rd quarter worth $70,000. Finally, Jane Street Group LLC grew its position in Gilat Satellite Networks by 2,001.9% in the 2nd quarter. Jane Street Group LLC now owns 12,153 shares of the communications equipment provider’s stock worth $73,000 after purchasing an additional 12,792 shares during the last quarter. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 21st.

Gilat Satellite Networks Price Performance

Shares of GILT stock opened at $5.29 on Thursday. Gilat Satellite Networks Ltd. has a 12 month low of $4.51 and a 12 month high of $7.16. The company has a market capitalization of $301.35 million, a P/E ratio of 12.58 and a beta of 0.60. The stock has a 50 day moving average of $6.01 and a two-hundred day moving average of $6.14. The company has a current ratio of 1.90, a quick ratio of 1.60 and a debt-to-equity ratio of 0.01.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings results on Monday, February 26th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. The firm had revenue of $75.61 million for the quarter. Gilat Satellite Networks had a net margin of 8.83% and a return on equity of 7.42%.

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. The company designs and manufactures ground-based satellite communications equipment; and provides solutions and end-to-end services.