Traders buy large volume of put options on Gilat satellite networks (NASDAQ:GILT)

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Gilat Satellite Networks Ltd. (NASDAQ:GILT – Get Rating) saw some unusual options trading on Friday. Stock traders bought 23,996 put options on the company. This represents a 4,868% increase from the typical daily volume of 483 puts.

Hedge funds weigh on Gilat’s satellite networks

A number of hedge funds and other institutional investors have recently changed their holdings in the company. Royal Bank of Canada increased its equity stake in Gilat Satellite Networks to 74.8% in Q1. Royal Bank of Canada now owns 3,501 shares of the communications equipment provider worth $31,000 after buying 1,498 more shares last quarter. Cetera Advisor Networks LLC increased its stake in Gilat Satellite Networks by 4.1% in the second quarter. Cetera Advisor Networks LLC now owns 39,665 shares of the communications equipment provider valued at $237,000 after acquiring an additional 1,571 shares during the period. Goldman Sachs Group Inc. increased its stake in Gilat Satellite Networks by 4.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 48,999 shares of the communications equipment supplier valued at $432,000 after acquiring an additional 1,999 shares during the period. ETF Managers Group LLC increased its stake in Gilat Satellite Networks by 4.6% in the 4th quarter. ETF Managers Group LLC now owns 63,229 shares of the communications equipment provider valued at $454,000 after acquiring an additional 2,762 shares during the period. Finally, the Swiss National Bank increased its stake in Gilat Satellite Networks by 6.2% in the 1st quarter. The Swiss National Bank now owns 73,949 shares of the communications equipment provider valued at $657,000 after acquiring an additional 4,332 shares during the period. 29.61% of the shares are currently held by hedge funds and other institutional investors.

Gilat Satellite Networks stock performance

Gilat Satellite Networks stock traded at $0.07 midday Friday, hitting $5.81. 206,269 shares of the company were traded, against an average volume of 288,706. Gilat Satellite Networks has a 52-week low of $5.62 and a 52-week high of $9.66. The stock has a 50-day moving average price of $6.57 and a 200-day moving average price of $7.02. The company has a market capitalization of $328.89 million, a P/E ratio of 581.58 and a beta of 0.42.

Gilat Satellite Networks Company Profile

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Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite broadband communication solutions in Israel and abroad. It operates through the Fixed Networks, Mobility Solutions and Ground Infrastructure Projects segments. The company designs and manufactures ground-based satellite communications equipment; and provides end-to-end solutions and services.

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