Zacks Investment Research upgraded shares of Harmonic Inc. (NASDAQ:HLIT) from a strong sell rating to a hold rating in a research report sent to investors on Wednesday, September 13th.
According to Zacks, “Harmonic designs, manufactures and markets digital and fiber optic systems for delivering video, voice and data services over cable, satellite, telephone, and wireless networks. The company’s advanced solutions enable cable television and other network operators to provide a range of broadcast and interactive broadband services that include high-speed Internet access, telephony and video on demand. The company offers a broad range of fiber optic transmission and digital headend products for hybrid fiber coax, satellite and wireless networks. “
Several other equities research analysts have also commented on the stock. BidaskClub lowered shares of Harmonic from a hold rating to a sell rating in a research note on Wednesday, July 19th. ValuEngine lowered shares of Harmonic from a hold rating to a sell rating in a research note on Friday, August 4th. Jefferies Group LLC reissued a hold rating and set a $4.00 price objective (up from $3.50) on shares of Harmonic in a research report on Tuesday, August 1st. Finally, TheStreet downgraded shares of Harmonic from a c- rating to a d+ rating in a research report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $5.50.
Harmonic (NASDAQ HLIT) traded up 3.45% during trading on Wednesday, hitting $3.00. The stock had a trading volume of 378,858 shares. The firm’s market cap is $243.82 million. The company has a 50-day moving average of $3.35 and a 200 day moving average of $4.82. Harmonic has a 52-week low of $2.80 and a 52-week high of $6.18.
Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.02. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. The business had revenue of $82.30 million for the quarter, compared to analyst estimates of $80.88 million. Harmonic’s revenue was down 24.9% compared to the same quarter last year. On average, equities research analysts predict that Harmonic will post ($0.42) earnings per share for the current fiscal year.
In related news, insider Patrick Harshman sold 7,979 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the sale, the insider now owns 570,733 shares in the company, valued at $1,980,443.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.27% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in HLIT. Louisiana State Employees Retirement System raised its position in Harmonic by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock worth $172,000 after acquiring an additional 300 shares during the last quarter. Arizona State Retirement System raised its position in Harmonic by 1.2% during the second quarter. Arizona State Retirement System now owns 42,018 shares of the communications equipment provider’s stock worth $221,000 after acquiring an additional 500 shares during the last quarter. Texas Permanent School Fund raised its position in Harmonic by 1.1% during the first quarter. Texas Permanent School Fund now owns 57,756 shares of the communications equipment provider’s stock worth $344,000 after acquiring an additional 613 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in Harmonic by 5.6% during the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock worth $100,000 after acquiring an additional 1,010 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in Harmonic by 1.0% during the first quarter. Prudential Financial Inc. now owns 132,054 shares of the communications equipment provider’s stock worth $786,000 after acquiring an additional 1,360 shares during the last quarter. Hedge funds and other institutional investors own 99.08% of the company’s stock.
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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