Harmonic (NASDAQ:HLIT) Shares Down 6.2% – Here’s What Happened

Harmonic Inc. (NASDAQ:HLIT)’s share price dropped 6.2% on Friday . The company traded as low as $15.89 and last traded at $15.9390. Approximately 957,590 shares traded hands during trading, a decline of 43% from the average daily volume of 1,689,769 shares. The stock had previously closed at $17.00.

Analysts Set New Price Targets

HLIT has been the subject of a number of analyst reports. Wall Street Zen lowered shares of Harmonic from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 24th. Weiss Ratings lowered shares of Harmonic from a “hold (c)” rating to a “sell (d)” rating in a report on Friday, March 6th. Barclays increased their target price on shares of Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Rosenblatt Securities increased their target price on shares of Harmonic from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, Northland Securities set a $15.00 target price on shares of Harmonic in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $16.60.

Harmonic Stock Down 11.0%

The company has a quick ratio of 2.03, a current ratio of 2.27 and a debt-to-equity ratio of 0.31. The company’s fifty day simple moving average is $11.18 and its 200 day simple moving average is $10.40. The firm has a market capitalization of $1.64 billion, a PE ratio of -40.90 and a beta of 1.24.

Insider Activity

In other Harmonic news, SVP Neven Haltmayer sold 31,766 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total value of $420,581.84. Following the completion of the sale, the senior vice president directly owned 133,924 shares in the company, valued at $1,773,153.76. This trade represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Stephanie Copeland sold 4,300 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $13.30, for a total transaction of $57,190.00. Following the completion of the sale, the director owned 20,752 shares of the company’s stock, valued at $276,001.60. This trade represents a 17.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.74% of the company’s stock.

Hedge Funds Weigh In On Harmonic

Several large investors have recently made changes to their positions in the business. Amundi lifted its holdings in shares of Harmonic by 68.5% during the first quarter. Amundi now owns 52,167 shares of the communications equipment provider’s stock valued at $468,000 after purchasing an additional 21,205 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of Harmonic by 16.9% during the first quarter. California State Teachers Retirement System now owns 126,667 shares of the communications equipment provider’s stock valued at $1,137,000 after purchasing an additional 18,318 shares during the last quarter. Quantinno Capital Management LP raised its holdings in Harmonic by 17.7% in the 1st quarter. Quantinno Capital Management LP now owns 32,605 shares of the communications equipment provider’s stock worth $293,000 after acquiring an additional 4,910 shares during the last quarter. Gateway Wealth Partners LLC purchased a new position in Harmonic in the 1st quarter worth approximately $90,000. Finally, Renaissance Technologies LLC raised its holdings in Harmonic by 120.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,052,927 shares of the communications equipment provider’s stock worth $9,455,000 after acquiring an additional 575,800 shares during the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.