Harmonic (NASDAQ:HLIT) Shares Gap Up to $9.40

Harmonic Inc. (NASDAQ:HLIT) gapped up before the market opened on Tuesday . The stock had previously closed at $9.40, but opened at $11.85. Harmonic shares last traded at $11.16, with a volume of 2,597,627 shares changing hands.

Wall Street Analyst Weigh In

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

Harmonic Stock Up 15.4 %

The firm has a market cap of $1.21 billion, a PE ratio of 15.63 and a beta of 0.84. The business’s 50 day moving average price is $12.17 and its 200 day moving average price is $11.77. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The business had revenue of $122.06 million for the quarter, compared to analysts’ expectations of $121.70 million. During the same period in the prior year, the company posted $0.06 EPS. The firm’s revenue was down 22.6% on a year-over-year basis. On average, equities research analysts expect that Harmonic Inc. will post 0.32 earnings per share for the current year.

Insider Activity at Harmonic

In related news, SVP Neven Haltmayer sold 10,558 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $13.11, for a total transaction of $138,415.38. Following the completion of the sale, the senior vice president now owns 171,306 shares of the company’s stock, valued at approximately $2,245,821.66. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $12.91, for a total value of $1,291,000.00. Following the completion of the sale, the senior vice president now owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Neven Haltmayer sold 10,558 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $13.11, for a total transaction of $138,415.38. Following the completion of the sale, the senior vice president now directly owns 171,306 shares of the company’s stock, valued at approximately $2,245,821.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 150,000 shares of company stock valued at $1,917,122. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Harmonic

Hedge funds have recently made changes to their positions in the company. Quadrant Capital Group LLC grew its stake in shares of Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after buying an additional 1,824 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Harmonic in the 3rd quarter worth approximately $131,000. Avior Wealth Management LLC acquired a new position in shares of Harmonic in the 4th quarter worth approximately $137,000. PNC Financial Services Group Inc. lifted its holdings in shares of Harmonic by 12.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after acquiring an additional 1,871 shares during the last quarter. Finally, Innovis Asset Management LLC acquired a new position in shares of Harmonic in the 3rd quarter worth approximately $174,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

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.