Harmonic (NASDAQ:HLIT) Reaches New 1-Year High – Here’s What Happened

Harmonic Inc. (NASDAQ:HLIT)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.49 and last traded at $17.29, with a volume of 3457607 shares traded. The stock had previously closed at $15.20.

Analysts Set New Price Targets

Several research firms recently issued reports on HLIT. Barclays raised their price objective on shares of Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Needham & Company LLC lifted their price target on shares of Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Wall Street Zen cut shares of Harmonic from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Weiss Ratings cut shares of Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $15.00 price objective on shares of Harmonic in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $16.60.

Harmonic Stock Up 8.7%

The business’s 50 day moving average is $10.72 and its 200-day moving average is $10.26. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.27 and a quick ratio of 2.03. The company has a market cap of $1.79 billion, a PE ratio of -44.65 and a beta of 1.24.

Insider Buying and Selling

In related news, SVP Neven Haltmayer sold 31,766 shares of Harmonic stock in a transaction that occurred 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 completion of the transaction, the senior vice president owned 133,924 shares in the company, valued at $1,773,153.76. The trade was a 19.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephanie Copeland sold 4,300 shares of Harmonic stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total transaction of $57,190.00. Following the completion of the transaction, the director owned 20,752 shares of the company’s stock, valued at $276,001.60. This 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 owned by insiders.

Institutional Trading of Harmonic

Institutional investors have recently modified their holdings of the stock. iSAM Funds UK Ltd purchased a new stake in shares of Harmonic during the 3rd quarter worth approximately $49,000. Global Retirement Partners LLC lifted its position in shares of Harmonic by 23,193.5% during the 4th quarter. Global Retirement Partners LLC now owns 7,221 shares of the communications equipment provider’s stock worth $71,000 after buying an additional 7,190 shares during the last quarter. KBC Group NV lifted its position in shares of Harmonic by 130.7% during the 4th quarter. KBC Group NV now owns 7,476 shares of the communications equipment provider’s stock worth $74,000 after buying an additional 4,236 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Harmonic during the 1st quarter worth approximately $75,000. Finally, Royal Bank of Canada lifted its position in shares of Harmonic by 64.6% during the 4th quarter. Royal Bank of Canada now owns 7,645 shares of the communications equipment provider’s stock worth $75,000 after buying an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 99.38% of the company’s stock.

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.