Harmonic (HLIT) Shares Up 5%

Harmonic Inc (NASDAQ:HLIT)’s share price shot up 5% during trading on Wednesday . The company traded as high as $4.25 and last traded at $4.20. 831,872 shares traded hands during mid-day trading, an increase of 33% from the average session volume of 627,033 shares. The stock had previously closed at $4.00.

A number of brokerages have commented on HLIT. ValuEngine downgraded shares of Harmonic from a “hold” rating to a “sell” rating in a research note on Monday, October 2nd. Zacks Investment Research upgraded shares of Harmonic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 13th. BidaskClub upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. Dougherty & Co reiterated a “buy” rating and set a $6.50 price objective on shares of Harmonic in a research note on Monday, October 23rd. Finally, Jefferies Group reiterated a “hold” rating and set a $3.50 price objective on shares of Harmonic in a research note on Sunday, September 10th. Four investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $5.06.

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 (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.07. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The firm had revenue of $92.00 million for the quarter, compared to the consensus estimate of $85.63 million. During the same period last year, the firm earned ($0.01) earnings per share. The company’s quarterly revenue was down 9.3% on a year-over-year basis. analysts predict that Harmonic Inc will post -0.51 earnings per share for the current year.

In other Harmonic news, insider Neven Haltmayer sold 8,311 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total value of $31,664.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Bart Spriester sold 8,004 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total transaction of $30,495.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,933 shares of company stock worth $98,389. Insiders own 5.53% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Royce & Associates LP boosted its stake in Harmonic by 3.0% in the third quarter. Royce & Associates LP now owns 1,205,499 shares of the communications equipment provider’s stock valued at $3,677,000 after acquiring an additional 35,000 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in Harmonic by 18.2% in the third quarter. JPMorgan Chase & Co. now owns 139,888 shares of the communications equipment provider’s stock valued at $419,000 after acquiring an additional 21,554 shares in the last quarter. Cowen Prime Services LLC boosted its stake in Harmonic by 13.0% in the third quarter. Cowen Prime Services LLC now owns 217,503 shares of the communications equipment provider’s stock valued at $663,000 after acquiring an additional 24,988 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Harmonic in the third quarter valued at approximately $190,000. Institutional investors own 95.98% of the company’s stock.

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Harmonic Company Profile

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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