BidaskClub upgraded shares of Harmonic (NASDAQ:HLIT) from a sell rating to a hold rating in a research note published on Thursday morning, BidAskClub reports.
HLIT has been the subject of several other research reports. Zacks Investment Research downgraded shares of Harmonic from a buy rating to a hold rating in a research report on Wednesday, September 11th. Raymond James lifted their target price on Harmonic from $6.75 to $9.00 and gave the stock an outperform rating in a research note on Tuesday, July 30th. Northland Securities restated a buy rating on shares of Harmonic in a research note on Wednesday, July 10th. Stifel Nicolaus boosted their price objective on Harmonic from $7.00 to $10.00 and gave the company a buy rating in a research note on Wednesday, July 10th. Finally, Needham & Company LLC restated a buy rating and issued a $10.00 price objective (up from $7.00) on shares of Harmonic in a research note on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $8.70.
Shares of NASDAQ HLIT opened at $6.71 on Thursday. The stock has a market cap of $604.86 million, a P/E ratio of 223.67, a PEG ratio of 10.42 and a beta of 0.88. The company has a current ratio of 1.34, a quick ratio of 1.14 and a debt-to-equity ratio of 0.64. Harmonic has a 12-month low of $4.48 and a 12-month high of $8.09. The business’s fifty day simple moving average is $6.83 and its 200-day simple moving average is $6.12.
Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, July 29th. The communications equipment provider reported ($0.07) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.03. Harmonic had a negative return on equity of 3.72% and a negative net margin of 7.27%. The business had revenue of $84.87 million for the quarter, compared to analysts’ expectations of $85.07 million. During the same quarter in the previous year, the firm earned $0.05 earnings per share. The business’s revenue was down 14.4% compared to the same quarter last year. On average, equities analysts forecast that Harmonic will post 0.07 EPS for the current fiscal year.
In related news, SVP Neven Haltmayer sold 30,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $7.28, for a total value of $218,400.00. Following the sale, the senior vice president now directly owns 159,813 shares in the company, valued at approximately $1,163,438.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Aperio Group LLC bought a new stake in Harmonic in the second quarter valued at approximately $29,000. Quantamental Technologies LLC purchased a new stake in shares of Harmonic in the second quarter worth $33,000. Tower Research Capital LLC TRC grew its stake in shares of Harmonic by 562.8% in the second quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the communications equipment provider’s stock worth $47,000 after acquiring an additional 7,170 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Harmonic by 308,766.7% in the second quarter. Bank of Montreal Can now owns 9,266 shares of the communications equipment provider’s stock worth $52,000 after acquiring an additional 9,263 shares during the last quarter. Finally, Laurion Capital Management LP purchased a new stake in shares of Harmonic in the second quarter worth $77,000. 89.94% of the stock is owned by institutional investors.
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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