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FIMI sells part of Gilat stake
FIMI Opportunity Funds, the largest shareholder in Gilat Satellite Networks, has reduced its holding to 26.8%.
Following the steep rise in the share price of Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) since the beginning of the year, the company s largest shareholder, private equity firm FIMI Opportunity Funds, has taken advantage of the opportunity to sell part of its holding. Last week, the firm, headed by Ishay Davidi, sold Gilat shares for $58.5 million, reducing its stake in the company to 26.8%. The deal was at a price of $15 per share. Although the share price was somewhat higher a few days previously, at $21.3, the sale nevertheless yields FIMI Opportunity Funds a very respectable profit, as it bought the shares at just $4.33.
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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Gilat Launches Next Generation VSAT Family Supporting 5G Networks and LEO/MEO Constellations
Gilat Satellite Networks Ltd.February 18, 2021 GMT
PETAH TIKVA, Israel, Feb. 18, 2021 (GLOBE NEWSWIRE) Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today the launch of its next generation family of VSATs, Aquarius, supporting 5G networks and LEO/MEO constellations. The ultra-high-performance, multi-orbit VSATs provide over 2 Gigabits per second of concurrent speeds and support seamless satellite handover.
As 5G networks are deployed and customer demands continue to exponentially grow, Gilat’s Aquarius VSATs are designed to serve, with maximum efficiency, data and media intensive applications such as cellular 5G backhauling, maritime and enterprise. The VSATs exhibit ultra-high processing capabili
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What happened
Shares of
Gilat Satellite Networks (NASDAQ:GILT) tumbled today after the company reported disappointing fourth-quarter 2020 results. The tech stock was down 10.7% at the close on Tuesday.
So what
Fourth-quarter revenue of $42.6 million was down significantly compared to the $78.3 million in sales in the year-ago quarter. Additionally, Gilat posted an adjusted loss per diluted share of $0.03 in the quarter, compared to earnings of $0.16 in the year-ago quarter.
Image source: Getty Images.
CEO Adi Sfadia said in a press release: I am very encouraged by our strong bookings in the second half of 2020 which have continued into 2021, as well as the enormous investments targeting our industry. Despite my belief that the pandemic may still effect our 2021 operation to some ex