Arrowstreet Capital Limited Partnership lowered its position in shares of Harmonic Inc (NASDAQ:HLIT) by 71.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,133 shares of the communications equipment provider’s stock after selling 165,008 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.08% of Harmonic worth $274,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its position in shares of Harmonic by 1,620.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 30,971 shares of the communications equipment provider’s stock valued at $130,000 after purchasing an additional 29,171 shares during the period. BNP Paribas Arbitrage SA boosted its position in shares of Harmonic by 41.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 49,992 shares of the communications equipment provider’s stock valued at $152,000 after purchasing an additional 14,536 shares during the period. SG Americas Securities LLC boosted its position in shares of Harmonic by 193.7% in the 4th quarter. SG Americas Securities LLC now owns 36,761 shares of the communications equipment provider’s stock valued at $154,000 after purchasing an additional 24,244 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Harmonic in the 3rd quarter valued at $190,000. Finally, Voya Investment Management LLC boosted its position in shares of Harmonic by 12.1% in the 2nd quarter. Voya Investment Management LLC now owns 43,910 shares of the communications equipment provider’s stock valued at $231,000 after purchasing an additional 4,742 shares during the period. 91.77% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Patrick Harshman sold 35,581 shares of the firm’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $3.53, for a total transaction of $125,600.93. Following the completion of the sale, the chief executive officer now directly owns 708,160 shares of the company’s stock, valued at approximately $2,499,804.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Neven Haltmayer sold 10,198 shares of the firm’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $3.53, for a total value of $35,998.94. Following the sale, the insider now directly owns 94,609 shares of the company’s stock, valued at $333,969.77. The disclosure for this sale can be found here. Insiders have sold a total of 56,234 shares of company stock valued at $198,506 over the last 90 days. Corporate insiders own 4.27% of the company’s stock.
NASDAQ HLIT traded down $0.15 during trading on Friday, reaching $3.75. 407,214 shares of the company’s stock were exchanged, compared to its average volume of 495,346. Harmonic Inc has a fifty-two week low of $2.80 and a fifty-two week high of $6.03. The firm has a market capitalization of $327.98, a PE ratio of -6.94 and a beta of 0.79. The company has a current ratio of 1.21, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57.
Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Wednesday, February 28th. The communications equipment provider reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.03). Harmonic had a negative return on equity of 17.41% and a negative net margin of 23.16%. The business had revenue of $100.97 million for the quarter, compared to analyst estimates of $96.47 million. research analysts anticipate that Harmonic Inc will post -0.06 EPS for the current year.
A number of research firms recently weighed in on HLIT. BidaskClub upgraded Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, March 21st. Zacks Investment Research lowered Harmonic from a “hold” rating to a “sell” rating in a research report on Thursday, March 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Harmonic currently has an average rating of “Hold” and a consensus target price of $5.06.
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Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.
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