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In a notable surge, Gilat Satellite Networks Ltd. (NASDAQ:GILT) stock has reached a 52-week high, touching $6.84 amidst a fluctuating market. According to InvestingPro data, the company's stock has shown remarkable momentum with a 47% gain over the past six months, supported by a strong financial health score. This peak represents a significant milestone for the company, known for its satellite-based communication technology. Over the past year, Gilat Satellite has seen its stock value increase by an impressive 10.6%, backed by solid fundamentals including 15% revenue growth and a healthy current ratio of 2.17. The achievement of this 52-week high is a testament to Gilat's resilience and innovation in the competitive tech sector. InvestingPro analysis suggests the stock may still be undervalued, with 8 additional exclusive insights available to subscribers through their comprehensive Pro Research Report.
In other recent news, Gilat Satellite Networks reported significant developments, including a 17% year-over-year revenue increase in Q3 2024, reaching $74.6 million. This growth was attributed to the acquisition of DataPath and advancements in defense and in-flight connectivity sectors. However, the company's GAAP net income decreased to $6.8 million, compared to $10.2 million in the same quarter of the previous year. Gilat also announced the anticipated closure of the Stellar Blu acquisition by year's end, expected to contribute between $25 million to $35 million in revenue in Q4 2024.
Moreover, Gilat secured contracts worth over $5 million from the U.S. Department of Defense and other international defense forces through its subsidiary, Gilat DataPath. Additionally, the company received orders totaling over $12 million for its satellite technology, including Gateway Solid State Power Amplifiers and SkyEdge platforms.
Despite a decrease in GAAP operating income to $6.7 million from $12.7 million, and a decline in organic revenue excluding DataPath by 10%, Gilat's CEO, Adi Sfadia, expressed optimism about the SES's mPOWER program and the EU's Iris Square initiative, expecting significant growth in 2025. The company's recent developments also include exiting the Russian market and winning a $10 million arbitration in Peru.
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