Harmonic (NASDAQ:HLIT) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Wednesday, BidAskClub reports.

A number of other research firms have also commented on HLIT. Stifel Nicolaus lifted their price objective on Harmonic from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Northland Securities reiterated a “buy” rating on shares of Harmonic in a research note on Wednesday, July 10th. Zacks Investment Research upgraded Harmonic from a “hold” rating to a “strong-buy” rating and set a $6.25 price objective on the stock in a research note on Wednesday, July 3rd. ValuEngine lowered Harmonic from a “buy” rating to a “hold” rating in a research note on Wednesday, September 4th. Finally, Raymond James lifted their price objective on Harmonic from $6.75 to $9.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $8.70.

Shares of NASDAQ:HLIT traded up $0.12 on Wednesday, reaching $6.94. The company had a trading volume of 12,150 shares, compared to its average volume of 454,761. Harmonic has a twelve month low of $4.48 and a twelve month high of $8.09. The stock has a 50-day moving average price of $6.96 and a 200 day moving average price of $6.07. The stock has a market capitalization of $596.80 million, a P/E ratio of 231.33, a P/E/G ratio of 10.29 and a beta of 0.88. The company has a quick ratio of 1.14, a current ratio of 1.34 and a debt-to-equity ratio of 0.64.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 29th. The communications equipment provider reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The company had revenue of $84.87 million during the quarter, compared to analysts’ expectations of $85.07 million. Harmonic had a negative return on equity of 3.72% and a negative net margin of 7.27%. The business’s quarterly revenue was down 14.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. On average, sell-side analysts predict that Harmonic will post 0.07 earnings per share for the current fiscal year.

In related news, SVP Neven Haltmayer sold 30,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $7.28, for a total transaction of $218,400.00. Following the transaction, the senior vice president now directly owns 159,813 shares in the company, valued at $1,163,438.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.40% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Aperio Group LLC bought a new stake in shares of Harmonic in the 2nd quarter valued at approximately $29,000. Quantamental Technologies LLC bought a new stake in shares of Harmonic in the 2nd quarter valued at approximately $33,000. Tower Research Capital LLC TRC grew its stake in shares of Harmonic by 562.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the communications equipment provider’s stock valued at $47,000 after purchasing an additional 7,170 shares during the period. Bank of Montreal Can grew its stake in shares of Harmonic by 308,766.7% in the 2nd quarter. Bank of Montreal Can now owns 9,266 shares of the communications equipment provider’s stock valued at $52,000 after purchasing an additional 9,263 shares during the period. Finally, Laurion Capital Management LP bought a new stake in shares of Harmonic in the 2nd quarter valued at approximately $77,000. Hedge funds and other institutional investors own 89.97% of the company’s stock.

Harmonic Company Profile

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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Analyst Recommendations for Harmonic (NASDAQ:HLIT)

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