Harmonic Inc. (NASDAQ:HLIT) Given Average Rating of “Hold” by Brokerages

Shares of Harmonic Inc. (NASDAQ:HLIT) have received a consensus rating of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $16.60.

Several research firms have issued reports on HLIT. Rosenblatt Securities restated a “buy” rating and set a $20.00 price objective on shares of Harmonic in a report on Monday, June 15th. Northland Securities set a $15.00 target price on Harmonic in a research report on Tuesday, May 12th. Wall Street Zen downgraded Harmonic from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Barclays increased their price objective on Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. Finally, Zacks Research downgraded shares of Harmonic from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 24th.

Insiders Place Their Bets

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

Institutional Trading of Harmonic

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Harmonic in the second quarter valued at $294,012,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Harmonic by 290.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 980,484 shares of the communications equipment provider’s stock worth $9,981,000 after purchasing an additional 729,269 shares during the last quarter. Walleye Capital LLC acquired a new position in shares of Harmonic during the fourth quarter worth approximately $7,182,000. Bank of New York Mellon Corp bought a new stake in shares of Harmonic during the second quarter valued at approximately $10,509,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Harmonic by 120.7% during the first quarter. Renaissance Technologies LLC now owns 1,052,927 shares of the communications equipment provider’s stock valued at $9,455,000 after acquiring an additional 575,800 shares during the period. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Trading Up 1.4%

Harmonic stock opened at $11.84 on Friday. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of -32.00 and a beta of 1.32. Harmonic has a 1 year low of $8.47 and a 1 year high of $17.68. The firm’s 50 day moving average price is $13.56 and its two-hundred day moving average price is $11.72. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27.

Harmonic Company Profile

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.