Harmonic Inc. (NASDAQ:HLIT) Short Interest Update

Harmonic Inc. (NASDAQ:HLIT) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 7,000,000 shares, an increase of 6.5% from the May 31st total of 6,570,000 shares. Currently, 6.1% of the company’s shares are short sold. Based on an average daily trading volume, of 1,630,000 shares, the days-to-cover ratio is presently 4.3 days.

Insider Transactions at Harmonic

In other news, SVP Ian Graham sold 52,730 shares of Harmonic stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total transaction of $577,393.50. Following the completion of the sale, the senior vice president now directly owns 63,616 shares in the company, valued at $696,595.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Boston Partners lifted its position in shares of Harmonic by 82.4% during the first quarter. Boston Partners now owns 120,296 shares of the communications equipment provider’s stock worth $1,617,000 after purchasing an additional 54,362 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Harmonic by 1,276.3% during the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after purchasing an additional 1,115,870 shares in the last quarter. Silvercrest Asset Management Group LLC acquired a new stake in Harmonic in the first quarter valued at $8,295,000. Keeley Teton Advisors LLC raised its holdings in Harmonic by 27.0% in the first quarter. Keeley Teton Advisors LLC now owns 51,403 shares of the communications equipment provider’s stock valued at $691,000 after acquiring an additional 10,936 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Harmonic in the first quarter valued at $6,047,000. 99.38% of the stock is owned by institutional investors and hedge funds.

Harmonic Trading Up 0.3 %

Shares of HLIT stock opened at $11.95 on Friday. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 19.92 and a beta of 0.89. The company has a quick ratio of 0.78, a current ratio of 1.09 and a debt-to-equity ratio of 0.03. Harmonic has a fifty-two week low of $8.80 and a fifty-two week high of $16.39. The firm’s 50 day moving average price is $11.43 and its two-hundred day moving average price is $12.05.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The business had revenue of $122.06 million for the quarter, compared to analyst estimates of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The company’s quarterly revenue was down 22.6% on a year-over-year basis. During the same period last year, the firm earned $0.06 earnings per share. On average, analysts anticipate that Harmonic will post 0.36 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC restated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a report on Monday, June 17th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $17.20.

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.