Harmonic Inc (NASDAQ:HLIT)’s share price fell 5.3% during mid-day trading on Friday following insider selling activity. The company traded as low as $3.40 and last traded at $3.55. 1,275,368 shares traded hands during mid-day trading, an increase of 125% from the average session volume of 567,718 shares. The stock had previously closed at $3.75.
Specifically, insider Neven Haltmayer sold 10,198 shares of Harmonic stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $3.53, for a total value of $35,998.94. Following the completion of the transaction, the insider now owns 94,609 shares in the company, valued at $333,969.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sanjay Kalra sold 10,455 shares of Harmonic stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $3.53, for a total transaction of $36,906.15. Following the completion of the transaction, the chief financial officer now owns 39,198 shares of the company’s stock, valued at approximately $138,368.94. The disclosure for this sale can be found here. Insiders sold 56,234 shares of company stock valued at $198,506 in the last quarter. Corporate insiders own 4.27% of the company’s stock.
Several research firms have recently weighed in on HLIT. BidaskClub upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. Zacks Investment Research downgraded shares of Harmonic from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Finally, ValuEngine upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research note on Friday, December 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $5.06.
Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Wednesday, February 28th. The communications equipment provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). Harmonic had a negative net margin of 23.16% and a negative return on equity of 17.41%. The firm had revenue of $100.97 million during the quarter, compared to the consensus estimate of $96.47 million.
Several hedge funds have recently added to or reduced their stakes in HLIT. Divisar Capital Management LLC bought a new position in shares of Harmonic in the fourth quarter valued at approximately $3,846,000. BlackRock Inc. boosted its position in shares of Harmonic by 2.7% in the fourth quarter. BlackRock Inc. now owns 10,498,915 shares of the communications equipment provider’s stock valued at $44,095,000 after acquiring an additional 271,392 shares during the period. Vanguard Group Inc. boosted its position in shares of Harmonic by 3.6% in the second quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock valued at $30,470,000 after acquiring an additional 203,002 shares during the period. Millennium Management LLC boosted its position in shares of Harmonic by 298.0% in the fourth quarter. Millennium Management LLC now owns 230,244 shares of the communications equipment provider’s stock valued at $967,000 after acquiring an additional 172,396 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Harmonic by 21.6% in the third quarter. Schwab Charles Investment Management Inc. now owns 936,171 shares of the communications equipment provider’s stock valued at $2,856,000 after acquiring an additional 166,398 shares during the period. Institutional investors own 94.55% of the company’s stock.
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.
Receive News & Ratings for Harmonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic and related companies with MarketBeat.com's FREE daily email newsletter.