Insider Selling: Harmonic Inc. (HLIT) Insider Sells 8,311 Shares of Stock
Harmonic Inc. (NASDAQ:HLIT) insider Neven Haltmayer sold 8,311 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total value of $31,664.91. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Shares of Harmonic Inc. (HLIT) traded up $0.10 on Friday, reaching $3.90. The company’s stock had a trading volume of 225,199 shares, compared to its average volume of 633,456. Harmonic Inc. has a fifty-two week low of $2.80 and a fifty-two week high of $6.18. The company has a quick ratio of 0.99, a current ratio of 1.20 and a debt-to-equity ratio of 0.56.
Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The business had revenue of $92.00 million during the quarter, compared to analysts’ expectations of $85.63 million. During the same quarter in the prior year, the firm earned ($0.01) EPS. The business’s revenue for the quarter was down 9.3% compared to the same quarter last year. research analysts forecast that Harmonic Inc. will post -0.51 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in HLIT. Municipal Employees Retirement System of Michigan grew its position in shares of Harmonic by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after buying an additional 1,010 shares during the last quarter. Sei Investments Co. bought a new stake in shares of Harmonic in the 2nd quarter valued at about $142,000. BNP Paribas Arbitrage SA grew its position in shares of Harmonic by 41.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 49,992 shares of the communications equipment provider’s stock valued at $152,000 after buying an additional 14,536 shares during the last quarter. Louisiana State Employees Retirement System grew its position in shares of Harmonic by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after buying an additional 300 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Harmonic in the 3rd quarter valued at about $190,000. Hedge funds and other institutional investors own 99.86% of the company’s stock.
A number of research firms have recently commented on HLIT. Jefferies Group LLC reissued a “hold” rating and set a $4.00 price target (up previously from $3.50) on shares of Harmonic in a report on Tuesday, August 1st. ValuEngine cut Harmonic from a “hold” rating to a “sell” rating in a report on Friday, August 4th. Zacks Investment Research raised Harmonic from a “hold” rating to a “strong-buy” rating and set a $4.25 target price for the company in a report on Friday, November 3rd. TheStreet cut Harmonic from a “c-” rating to a “d+” rating in a report on Wednesday, August 9th. Finally, Northland Securities set a $6.00 target price on Harmonic and gave the stock a “buy” rating in a report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $5.06.
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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