Harmonic (HLIT) Rating Increased to Hold at ValuEngine

Harmonic (NASDAQ:HLIT) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a report issued on Friday.

A number of other equities analysts have also recently weighed in on the company. TheStreet cut Harmonic from a “c-” rating to a “d+” rating in a report on Wednesday, August 9th. Jefferies Group reissued a “hold” rating and issued a $3.50 price objective on shares of Harmonic in a research note on Sunday, September 10th. Zacks Investment Research raised Harmonic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 13th. Northland Securities set a $6.00 price objective on Harmonic and gave the stock a “buy” rating in a research note on Tuesday, October 17th. Finally, Dougherty & Co reissued a “buy” rating and issued a $6.50 price objective on shares of Harmonic in a research note on Monday, October 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $5.06.

Harmonic (NASDAQ:HLIT) traded down $0.20 on Friday, hitting $4.00. 511,531 shares of the company traded hands, compared to its average volume of 513,917. The company has a quick ratio of 0.99, a current ratio of 1.20 and a debt-to-equity ratio of 0.56. Harmonic has a 1 year low of $2.80 and a 1 year high of $6.18.

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

In other news, SVP Bart Spriester sold 8,004 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $3.81, for a total transaction of $30,495.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Neven Haltmayer sold 8,311 shares of the firm’s stock in a transaction dated 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. Over the last three months, insiders sold 25,933 shares of company stock valued at $98,389. Company insiders own 4.27% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan grew its stake in Harmonic by 5.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after acquiring an additional 1,010 shares during the period. Sei Investments Co. purchased a new stake in Harmonic in the second quarter worth about $142,000. BNP Paribas Arbitrage SA grew its holdings in Harmonic by 41.0% in the third quarter. BNP Paribas Arbitrage SA now owns 49,992 shares of the communications equipment provider’s stock worth $152,000 after purchasing an additional 14,536 shares during the period. Louisiana State Employees Retirement System grew its holdings in Harmonic by 0.9% in 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. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Harmonic in the third quarter worth about $190,000. 96.00% of the stock is owned by 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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