Harmonic Inc. (NASDAQ:HLIT) Sees Large Decrease in Short Interest

Harmonic Inc. (NASDAQ:HLIT) was the recipient of a large decline in short interest in April. As of April 15th, there was short interest totalling 7,620,000 shares, a decline of 8.9% from the March 31st total of 8,360,000 shares. Approximately 7.0% of the company’s stock are short sold. Based on an average trading volume of 1,920,000 shares, the short-interest ratio is currently 4.0 days.

Insider Buying and Selling

In other news, SVP Neven Haltmayer sold 14,747 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $13.68, for a total value of $201,738.96. Following the completion of the transaction, the senior vice president now directly owns 156,559 shares in the company, valued at $2,141,727.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the sale, the senior vice president now directly owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the completion of the transaction, the senior vice president now owns 302,214 shares in the company, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 150,000 shares of company stock valued at $1,917,122. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Harmonic

Several hedge funds have recently added to or reduced their stakes in HLIT. Silverberg Bernstein Capital Management LLC acquired a new position in shares of Harmonic during the fourth quarter valued at approximately $10,481,000. Raymond James Financial Services Advisors Inc. lifted its holdings in Harmonic by 551.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 122,937 shares of the communications equipment provider’s stock valued at $1,184,000 after acquiring an additional 104,061 shares during the last quarter. DigitalBridge Group Inc. lifted its holdings in Harmonic by 126.4% in the 3rd quarter. DigitalBridge Group Inc. now owns 932,096 shares of the communications equipment provider’s stock valued at $8,976,000 after acquiring an additional 520,369 shares during the last quarter. Jupiter Asset Management Ltd. boosted its position in shares of Harmonic by 247.7% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 168,194 shares of the communications equipment provider’s stock valued at $1,620,000 after purchasing an additional 119,815 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Harmonic by 9.9% in the third quarter. Vanguard Group Inc. now owns 9,396,603 shares of the communications equipment provider’s stock worth $90,489,000 after buying an additional 847,808 shares during the last quarter. Institutional investors own 99.38% of the company’s stock.

Wall Street Analyst Weigh In

HLIT has been the subject of a number of recent analyst reports. Raymond James decreased their price target on shares of Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a research report on Tuesday, January 30th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Wednesday, April 17th. StockNews.com upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, February 28th. Rosenblatt Securities decreased their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, January 30th. Finally, TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $17.20.

Harmonic Stock Performance

Shares of Harmonic stock traded up $0.20 during trading on Monday, hitting $9.40. 2,342,490 shares of the stock were exchanged, compared to its average volume of 2,028,024. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.91 and a current ratio of 1.21. The stock has a market cap of $1.05 billion, a PE ratio of 13.34 and a beta of 0.84. The stock’s fifty day moving average is $12.25 and its 200 day moving average is $11.78.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, January 29th. The communications equipment provider reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The company had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $158.98 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Harmonic will post 0.32 EPS for the current year.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.