BidaskClub cut shares of Harmonic (NASDAQ:HLIT) from a hold rating to a sell rating in a report published on Wednesday morning, BidAskClub reports.
Several other analysts have also issued reports on the stock. Raymond James boosted their price target on shares of Harmonic from $6.75 to $9.00 and gave the company an outperform rating in a research report on Tuesday, July 30th. ValuEngine lowered shares of Harmonic from a buy rating to a hold rating in a research report on Wednesday, September 4th. Northland Securities reissued a buy rating on shares of Harmonic in a research report on Wednesday, July 10th. Zacks Investment Research raised shares of Harmonic from a hold rating to a strong-buy rating and set a $6.25 target price on the stock in a report on Wednesday, July 3rd. Finally, Needham & Company LLC reaffirmed a buy rating and set a $10.00 target price (up previously from $7.00) on shares of Harmonic in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $8.70.
Shares of NASDAQ HLIT traded up $0.05 during midday trading on Wednesday, hitting $6.87. The company’s stock had a trading volume of 291,970 shares, compared to its average volume of 748,138. The stock has a fifty day moving average price of $6.94 and a 200 day moving average price of $6.08. Harmonic has a one year low of $4.48 and a one year high of $8.09. The company has a current ratio of 1.34, a quick ratio of 1.14 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $605.76 million, a price-to-earnings ratio of 229.00, a P/E/G ratio of 10.44 and a beta of 0.88.
Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, July 29th. The communications equipment provider reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.03. Harmonic had a negative net margin of 7.27% and a negative return on equity of 3.72%. The company had revenue of $84.87 million for the quarter, compared to analyst estimates of $85.07 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. The company’s quarterly revenue was down 14.4% compared to the same quarter last year. On average, equities research analysts predict that Harmonic will post 0.07 earnings per share for the current fiscal year.
In related news, SVP Neven Haltmayer sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $7.28, for a total transaction of $218,400.00. Following the sale, the senior vice president now owns 159,813 shares of the company’s stock, valued at approximately $1,163,438.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in Harmonic by 4.6% in the 2nd quarter. BlackRock Inc. now owns 13,242,787 shares of the communications equipment provider’s stock worth $73,497,000 after buying an additional 584,615 shares in the last quarter. Scopia Capital Management LP grew its stake in Harmonic by 111.7% in the 2nd quarter. Scopia Capital Management LP now owns 6,092,937 shares of the communications equipment provider’s stock worth $33,816,000 after buying an additional 3,215,344 shares in the last quarter. Vanguard Group Inc. grew its stake in Harmonic by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 5,607,834 shares of the communications equipment provider’s stock worth $31,123,000 after buying an additional 22,812 shares in the last quarter. Northern Trust Corp grew its stake in Harmonic by 2.5% in the 2nd quarter. Northern Trust Corp now owns 1,074,478 shares of the communications equipment provider’s stock worth $5,963,000 after buying an additional 25,879 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Harmonic by 24.5% in the 2nd quarter. Invesco Ltd. now owns 784,537 shares of the communications equipment provider’s stock worth $4,354,000 after buying an additional 154,443 shares in the last quarter. 89.97% of the stock is currently owned by institutional investors and hedge funds.
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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