Harmonic Inc. (NASDAQ:HLIT) Short Interest Update

Harmonic Inc. (NASDAQ:HLIT) was the target of a significant decline in short interest in the month of April. As of April 15th, there was short interest totalling 7,620,000 shares, a decline of 8.9% from the March 31st total of 8,360,000 shares. Currently, 7.0% of the shares of the stock are sold short. Based on an average trading volume of 1,920,000 shares, the days-to-cover ratio is currently 4.0 days.

Insider Activity at Harmonic

In other news, SVP Neven Haltmayer sold 14,747 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the sale, the senior vice president now directly owns 156,559 shares in the company, valued at approximately $2,141,727.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Harmonic news, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the completion of the transaction, the senior vice president now directly owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the completion of the sale, the senior vice president now owns 302,214 shares in the company, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. Insiders have sold a total of 150,000 shares of company stock valued at $1,917,122 over the last quarter. 2.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Harmonic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC raised its position in shares of Harmonic by 237.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after acquiring an additional 1,824 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Harmonic in the third quarter valued at about $131,000. Avior Wealth Management LLC acquired a new position in Harmonic in the fourth quarter valued at about $137,000. PNC Financial Services Group Inc. boosted its holdings in Harmonic by 12.7% during the third quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after buying an additional 1,871 shares during the last quarter. Finally, Innovis Asset Management LLC acquired a new position in shares of Harmonic during the 3rd quarter worth about $174,000. 99.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on HLIT. StockNews.com raised Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, February 28th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Wednesday, April 17th. Rosenblatt Securities decreased their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, January 30th. Raymond James dropped their target price on shares of Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a research note on Tuesday, January 30th. Finally, TheStreet upgraded shares of Harmonic from a “c” rating to a “b” rating in a research report on Monday, January 29th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $17.20.

Harmonic Trading Up 2.2 %

HLIT stock traded up $0.20 during midday trading on Monday, reaching $9.40. The stock had a trading volume of 2,342,490 shares, compared to its average volume of 2,028,024. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 13.34 and a beta of 0.84. Harmonic has a twelve month low of $8.80 and a twelve month high of $18.43. The company has a quick ratio of 0.91, a current ratio of 1.21 and a debt-to-equity ratio of 0.02. The business has a fifty day simple moving average of $12.25 and a two-hundred day simple moving average of $11.78.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, January 29th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.03. The company had revenue of $167.10 million for the quarter, compared to analyst estimates of $158.98 million. Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.12 EPS. As a group, research analysts expect that Harmonic will post 0.32 EPS for the current fiscal year.

About Harmonic

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.