BidaskClub cut shares of Harmonic Inc. (NASDAQ:HLIT) from a hold rating to a sell rating in a research report released on Wednesday.

Several other analysts have also recently commented on the company. Zacks Investment Research cut Harmonic from a hold rating to a strong sell rating in a research report on Tuesday, July 18th. Jefferies Group LLC restated a hold rating and issued a $4.00 target price (down from $4.75) on shares of Harmonic in a research report on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $5.44.

Shares of Harmonic (HLIT) remained flat at $4.25 on Wednesday. The company’s stock had a trading volume of 1,056,064 shares. The company’s market cap is $342.26 million. The firm has a 50 day moving average of $5.19 and a 200 day moving average of $5.38. Harmonic has a 12-month low of $3.01 and a 12-month high of $6.18.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, May 1st. The communications equipment provider reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.05) by $0.09. Harmonic had a negative net margin of 17.50% and a negative return on equity of 7.29%. The business had revenue of $82.90 million during the quarter, compared to analyst estimates of $92.62 million. During the same quarter in the prior year, the business earned ($0.11) earnings per share. The firm’s revenue was up 1.3% compared to the same quarter last year. Equities analysts expect that Harmonic will post ($0.25) earnings per share for the current fiscal year.

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In other news, CFO Harold L. Covert sold 13,172 shares of Harmonic stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $5.14, for a total transaction of $67,704.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.27% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. purchased a new position in shares of Harmonic during the fourth quarter valued at about $2,353,000. Comerica Bank boosted its position in shares of Harmonic by 5.6% in the fourth quarter. Comerica Bank now owns 83,322 shares of the communications equipment provider’s stock valued at $442,000 after buying an additional 4,449 shares during the period. State Street Corp boosted its position in shares of Harmonic by 6.2% in the fourth quarter. State Street Corp now owns 1,790,466 shares of the communications equipment provider’s stock valued at $8,954,000 after buying an additional 103,988 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in shares of Harmonic by 1.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 54,612 shares of the communications equipment provider’s stock valued at $273,000 after buying an additional 929 shares during the period. Finally, Thrivent Financial for Lutherans boosted its position in shares of Harmonic by 6.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 41,980 shares of the communications equipment provider’s stock valued at $210,000 after buying an additional 2,690 shares during the period. Institutional investors own 98.13% of the company’s stock.

About Harmonic

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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