Harmonic (HLIT) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of Harmonic (NASDAQ:HLIT) from a hold rating to a buy rating in a research note released on Tuesday.

Several other analysts have also issued reports on the company. Zacks Investment Research lowered Harmonic from a hold rating to a sell rating in a research note on Thursday, March 15th. Raymond James upgraded Harmonic from an underperform rating to a market perform rating in a research note on Tuesday, May 1st. Finally, ValuEngine upgraded Harmonic from a hold rating to a buy rating in a research note on Monday, June 11th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of Buy and an average price target of $5.06.

Shares of Harmonic opened at $4.20 on Tuesday, MarketBeat Ratings reports. The firm has a market cap of $370.69 million, a P/E ratio of -7.78 and a beta of 0.80. Harmonic has a 12 month low of $2.80 and a 12 month high of $5.50. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.10 and a current ratio of 1.28.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, April 30th. The communications equipment provider reported ($0.01) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.05. The business had revenue of $90.10 million for the quarter, compared to analyst estimates of $88.36 million. Harmonic had a negative return on equity of 14.52% and a negative net margin of 19.87%. Harmonic’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company posted ($0.14) earnings per share. research analysts anticipate that Harmonic will post -0.09 EPS for the current year.

In other news, Director Floyd E. Kvamme bought 20,000 shares of the stock in a transaction on Monday, May 7th. The shares were purchased at an average cost of $3.70 per share, for a total transaction of $74,000.00. Following the completion of the purchase, the director now directly owns 758,922 shares in the company, valued at approximately $2,808,011.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 6.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in HLIT. OMERS ADMINISTRATION Corp purchased a new position in shares of Harmonic in the first quarter valued at $107,000. Tower Research Capital LLC TRC grew its position in shares of Harmonic by 1,620.6% in the fourth 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 in the last quarter. MetLife Investment Advisors LLC grew its position in shares of Harmonic by 111.5% in the first quarter. MetLife Investment Advisors LLC now owns 39,538 shares of the communications equipment provider’s stock valued at $150,000 after purchasing an additional 20,842 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Harmonic by 193.7% in the fourth 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 in the last quarter. Finally, Spark Investment Management LLC purchased a new position in shares of Harmonic in the fourth quarter valued at $161,000. Institutional investors own 88.79% of the company’s stock.

About Harmonic

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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