Harmonic (HLIT) Upgraded to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of Harmonic (NASDAQ:HLIT) from a buy rating to a strong-buy rating in a research note published on Tuesday morning.

Several other equities research analysts also recently issued reports on HLIT. TheStreet upgraded Harmonic from a d rating to a c- rating in a report on Monday, July 30th. ValuEngine downgraded Harmonic from a buy rating to a hold rating in a report on Thursday, August 2nd. Northland Securities set a $7.00 price objective on Harmonic and gave the company a buy rating in a report on Thursday, August 2nd. Zacks Investment Research cut Harmonic from a hold rating to a sell rating in a research note on Thursday, August 2nd. Finally, Loop Capital assumed coverage on Harmonic in a research note on Thursday, September 20th. They set a buy rating and a $8.25 target price for the company. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $7.17.

HLIT stock opened at $6.16 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $473.17 million, a P/E ratio of -11.41 and a beta of 0.70. Harmonic has a 12-month low of $2.90 and a 12-month high of $6.23.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, October 29th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The firm had revenue of $101.40 million for the quarter, compared to the consensus estimate of $99.46 million. Harmonic had a negative return on equity of 5.97% and a negative net margin of 9.26%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.01) EPS. On average, research analysts expect that Harmonic will post -0.04 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Divisar Capital Management LLC grew its stake in Harmonic by 33.4% during the 2nd quarter. Divisar Capital Management LLC now owns 3,371,972 shares of the communications equipment provider’s stock worth $14,331,000 after purchasing an additional 844,508 shares in the last quarter. BlackRock Inc. grew its stake in Harmonic by 1.1% during the 1st quarter. BlackRock Inc. now owns 10,614,738 shares of the communications equipment provider’s stock worth $40,337,000 after purchasing an additional 115,823 shares in the last quarter. Manatuck Hill Partners LLC acquired a new position in Harmonic during the 2nd quarter worth $128,000. Metropolitan Life Insurance Co. NY grew its stake in Harmonic by 112.4% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 36,235 shares of the communications equipment provider’s stock worth $154,000 after purchasing an additional 19,174 shares in the last quarter. Finally, Royce & Associates LP grew its stake in Harmonic by 3.7% during the 2nd quarter. Royce & Associates LP now owns 1,680,250 shares of the communications equipment provider’s stock worth $7,141,000 after purchasing an additional 59,651 shares in the last quarter. 86.33% of the stock is owned by hedge funds and other institutional investors.

Harmonic Company Profile

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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