Harmonic (HLIT) Sees Unusually-High Trading Volume

Harmonic Inc. (NASDAQ:HLIT) saw an uptick in trading volume on Tuesday . 1,303,624 shares changed hands during trading, an increase of 107% from the previous session’s volume of 629,474 shares.The stock last traded at $4.10 and had previously closed at $4.05.

Several research firms have weighed in on HLIT. ValuEngine raised Harmonic from a “sell” rating to a “hold” rating in a research note on Friday, December 1st. Zacks Investment Research raised Harmonic from a “hold” rating to a “strong-buy” rating and set a $4.25 price target for the company in a research note on Friday, November 3rd. Dougherty & Co reissued a “buy” rating and issued a $6.50 price target on shares of Harmonic in a research note on Monday, October 23rd. Northland Securities set a $6.00 price target on Harmonic and gave the company a “buy” rating in a research note on Tuesday, October 17th. Finally, Jefferies Group reissued a “hold” rating and issued a $3.50 price target on shares of Harmonic in a research note on Sunday, September 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Harmonic has a consensus rating of “Hold” and an average price target of $5.06.

The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.99 and a current ratio of 1.20.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.07. The business had revenue of $92.00 million during the quarter, compared to analysts’ expectations of $85.63 million. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The firm’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) EPS. equities analysts expect that Harmonic Inc. will post -0.51 earnings per share for the current fiscal year.

In other Harmonic news, SVP Bart Spriester sold 8,004 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total transaction of $30,495.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Neven Haltmayer sold 8,311 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total value of $31,664.91. The disclosure for this sale can be found here. In the last three months, insiders sold 25,933 shares of company stock valued at $98,389. 4.27% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in HLIT. Teachers Advisors LLC boosted its position in Harmonic by 3.7% during the first quarter. Teachers Advisors LLC now owns 132,138 shares of the communications equipment provider’s stock worth $786,000 after purchasing an additional 4,762 shares during the period. Vanguard Group Inc. boosted its position in Harmonic by 3.0% during the first quarter. Vanguard Group Inc. now owns 5,600,835 shares of the communications equipment provider’s stock worth $33,325,000 after purchasing an additional 163,290 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Harmonic by 10.5% during the first quarter. Schwab Charles Investment Management Inc. now owns 813,106 shares of the communications equipment provider’s stock worth $4,838,000 after purchasing an additional 77,305 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in Harmonic by 9.0% during the first quarter. Metropolitan Life Insurance Co. NY now owns 59,501 shares of the communications equipment provider’s stock worth $354,000 after purchasing an additional 4,889 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in Harmonic by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock worth $172,000 after purchasing an additional 300 shares during the period. 96.00% of the stock is owned by hedge funds and other institutional investors.

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About Harmonic

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

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