Harmonic Inc. (NASDAQ:HLIT) Given Average Rating of “Hold” by Brokerages

Shares of Harmonic Inc. (NASDAQ:HLIT) have received an average rating of “Hold” from the seven brokerages that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $16.60.

HLIT has been the topic of several analyst reports. Barclays lifted their target price on Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Zacks Research raised Harmonic from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $20.00 price objective on shares of Harmonic in a research report on Monday, June 15th. Weiss Ratings cut shares of Harmonic from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday. Finally, Northland Securities set a $15.00 price objective on shares of Harmonic in a research report on Tuesday, May 12th.

Insider Transactions at Harmonic

In other news, SVP Neven Haltmayer sold 31,766 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total transaction of $420,581.84. Following the transaction, the senior vice president directly owned 133,924 shares in the company, valued at $1,773,153.76. The trade was a 19.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephanie Copeland sold 4,300 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $13.30, for a total transaction of $57,190.00. Following the transaction, the director directly owned 20,752 shares of the company’s stock, valued at $276,001.60. This represents a 17.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.74% of the company’s stock.

Hedge Funds Weigh In On Harmonic

A number of large investors have recently modified their holdings of HLIT. Arrowstreet Capital Limited Partnership increased its position in shares of Harmonic by 290.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 980,484 shares of the communications equipment provider’s stock valued at $9,981,000 after buying an additional 729,269 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of Harmonic during the fourth quarter worth $7,182,000. Renaissance Technologies LLC boosted its stake in Harmonic by 120.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,052,927 shares of the communications equipment provider’s stock worth $9,455,000 after buying an additional 575,800 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Harmonic by 249.1% in the second quarter. Lazard Asset Management LLC now owns 718,996 shares of the communications equipment provider’s stock valued at $6,808,000 after purchasing an additional 513,022 shares during the period. Finally, Qube Research & Technologies Ltd grew its stake in shares of Harmonic by 37.1% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,371,746 shares of the communications equipment provider’s stock valued at $12,990,000 after buying an additional 371,302 shares during the period. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Stock Performance

HLIT stock traded down $0.62 during trading on Tuesday, hitting $13.33. The company had a trading volume of 208,830 shares, compared to its average volume of 2,000,172. The firm has a 50-day moving average price of $13.93 and a 200-day moving average price of $11.35. The company has a quick ratio of 2.03, a current ratio of 2.27 and a debt-to-equity ratio of 0.31. The firm has a market cap of $1.45 billion, a PE ratio of -35.96 and a beta of 1.29. Harmonic has a 1-year low of $7.80 and a 1-year high of $17.68.

Harmonic Company Profile

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high?quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real?time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set?top video processing platforms for traditional pay?TV operators, alongside cloud?native software for over?the?top (OTT) delivery, origin servers and content delivery network (CDN) services.