Harmonic (NASDAQ:HLIT) Reaches New 1-Year High – Here’s What Happened

Harmonic Inc. (NASDAQ:HLIT)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $17.49 and last traded at $17.29, with a volume of 3457607 shares changing hands. The stock had previously closed at $15.20.

Analysts Set New Price Targets

Several research firms have recently commented on HLIT. Barclays boosted their price target on shares of Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. Northland Securities set a $15.00 price objective on shares of Harmonic in a research note on Tuesday, May 12th. Rosenblatt Securities boosted their price objective on shares of Harmonic from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Jefferies Financial Group reiterated a “hold” rating and set a $15.00 price objective on shares of Harmonic in a research note on Tuesday, May 12th. Finally, Needham & Company LLC boosted their price objective on shares of Harmonic from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Harmonic currently has a consensus rating of “Hold” and a consensus price target of $16.60.

Harmonic Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of -44.65 and a beta of 1.24. The stock’s 50 day simple moving average is $10.72 and its 200-day simple moving average is $10.26.

Insider Buying and Selling at Harmonic

In other news, Director Stephanie Copeland sold 4,300 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $13.30, for a total value of $57,190.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Neven Haltmayer sold 31,766 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total transaction of $420,581.84. Following the sale, the senior vice president directly owned 133,924 shares in the company, valued at $1,773,153.76. This trade represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.74% of the stock is owned by corporate insiders.

Institutional Trading of Harmonic

A number of hedge funds have recently added to or reduced their stakes in HLIT. iSAM Funds UK Ltd purchased a new position in Harmonic during the third quarter valued at $49,000. Global Retirement Partners LLC lifted its holdings in Harmonic by 23,193.5% during the fourth quarter. Global Retirement Partners LLC now owns 7,221 shares of the communications equipment provider’s stock valued at $71,000 after purchasing an additional 7,190 shares in the last quarter. KBC Group NV lifted its holdings in Harmonic by 130.7% during the fourth quarter. KBC Group NV now owns 7,476 shares of the communications equipment provider’s stock valued at $74,000 after purchasing an additional 4,236 shares in the last quarter. Royal Bank of Canada lifted its holdings in Harmonic by 64.6% during the fourth quarter. Royal Bank of Canada now owns 7,645 shares of the communications equipment provider’s stock valued at $75,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Harmonic in the first quarter worth about $75,000. 99.38% of the stock is owned by hedge funds and other institutional investors.

About Harmonic

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.