Harmonic (HLIT) Trading Down 6.8%

Shares of Harmonic Inc (NASDAQ:HLIT) dropped 6.8% during trading on Friday . The company traded as low as $3.45 and last traded at $3.45. Approximately 560,750 shares were traded during trading, an increase of 35% from the average daily volume of 414,563 shares. The stock had previously closed at $3.70.

HLIT has been the subject of a number of research analyst reports. Northland Securities set a $6.00 price target on Harmonic and gave the company a “buy” rating in a research report on Tuesday, October 17th. Dougherty & Co reaffirmed a “buy” rating and set a $6.50 price target on shares of Harmonic in a research report on Monday, October 23rd. Zacks Investment Research downgraded Harmonic from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. BidaskClub raised Harmonic from a “sell” rating to a “hold” rating in a research report on Tuesday, December 12th. Finally, ValuEngine raised Harmonic from a “sell” rating to a “hold” rating in a research report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $5.06.

The firm has a market cap of $297.91 and a price-to-earnings ratio of -3.44. 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 data on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.07. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The business had revenue of $92.00 million during the quarter, compared to analyst estimates of $85.63 million. During the same period in the prior year, the company earned ($0.01) earnings per share. Harmonic’s revenue was down 9.3% compared to the same quarter last year. analysts anticipate that Harmonic Inc will post -0.51 EPS for the current fiscal year.

In other Harmonic news, SVP Bart Spriester sold 8,004 shares of the stock in a transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Neven Haltmayer sold 8,311 shares of the stock in a transaction on Thursday, November 16th. The shares were 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 have sold 22,156 shares of company stock valued at $84,414. 4.27% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in HLIT. Vanguard Group Inc. grew its holdings in Harmonic by 3.6% during 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 purchasing an additional 203,002 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings 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 worth $2,856,000 after acquiring an additional 166,398 shares during the period. State Street Corp boosted its holdings in shares of Harmonic by 7.0% in the second quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock worth $10,303,000 after acquiring an additional 129,086 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Harmonic by 51.0% in the fourth quarter. Victory Capital Management Inc. now owns 377,712 shares of the communications equipment provider’s stock worth $1,586,000 after acquiring an additional 127,510 shares during the period. Finally, Cowen Prime Services LLC boosted its holdings in shares of Harmonic by 36.6% in the fourth quarter. Cowen Prime Services LLC now owns 297,059 shares of the communications equipment provider’s stock worth $1,248,000 after acquiring an additional 79,556 shares during the period. 96.07% of the stock is owned by institutional investors and hedge funds.

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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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