Harmonic (HLIT) Downgraded to “Strong Sell” at BidaskClub

BidaskClub lowered shares of Harmonic (NASDAQ:HLIT) from a sell rating to a strong sell rating in a research report sent to investors on Tuesday morning.

A number of other analysts also recently weighed in on HLIT. ValuEngine downgraded shares of Harmonic from a hold rating to a sell rating in a research report on Monday, October 2nd. Zacks Investment Research raised shares of Harmonic from a hold rating to a buy rating and set a $3.75 target price for the company in a research report on Wednesday, October 4th. Northland Securities set a $6.00 target price on shares of Harmonic and gave the company a buy rating in a research report on Tuesday, October 17th. Finally, Dougherty & Co reissued a buy rating and set a $6.50 target price on shares of Harmonic in a research report on Monday, October 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $5.06.

Shares of Harmonic (NASDAQ:HLIT) opened at $3.45 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.20 and a quick ratio of 0.99. Harmonic has a 52-week low of $2.80 and a 52-week high of $6.18.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. The business had revenue of $92.00 million during the quarter, compared to the consensus estimate of $85.63 million. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) EPS. equities research analysts expect that Harmonic will post -0.51 earnings per share for the current fiscal year.

In other news, SVP Bart Spriester sold 8,004 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total transaction of $30,495.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Neven Haltmayer sold 8,311 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total transaction of $31,664.91. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,156 shares of company stock valued at $84,414. Insiders own 4.27% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Harmonic by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock worth $34,805,000 after purchasing an additional 58,240 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Harmonic by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock worth $30,470,000 after purchasing an additional 203,002 shares in the last quarter. State Street Corp lifted its holdings in shares of Harmonic by 7.0% in the 2nd quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock worth $10,303,000 after purchasing an additional 129,086 shares in the last quarter. Royce & Associates LP lifted its holdings in shares of Harmonic by 3.0% in the 3rd quarter. Royce & Associates LP now owns 1,205,499 shares of the communications equipment provider’s stock worth $3,677,000 after purchasing an additional 35,000 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Harmonic by 8.2% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,012,912 shares of the communications equipment provider’s stock worth $4,255,000 after purchasing an additional 76,741 shares in the last quarter. 96.07% of the stock is owned by institutional investors.

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About Harmonic

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

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