Harmonic Inc. (HLIT) Trading Down 7.6%
Harmonic Inc. (NASDAQ:HLIT) fell 7.6% on Tuesday . The company traded as low as $2.76 and last traded at $2.78, with a volume of 268,743 shares trading hands. The stock had previously closed at $3.01.
Separately, Drexel Hamilton reissued a “hold” rating on shares of Harmonic in a report on Tuesday, June 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $5.75.
The company’s market capitalization is $219.60 million. The firm has a 50-day moving average of $2.83 and a 200 day moving average of $3.22.
Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Tuesday, May 10th. The company reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $0.08. During the same quarter in the previous year, the firm earned $0.05 earnings per share. The company had revenue of $82.50 million for the quarter, compared to analysts’ expectations of $83.98 million. The business’s quarterly revenue was down 21.3% compared to the same quarter last year. On average, equities research analysts predict that Harmonic Inc. will post $0.06 earnings per share for the current year.
A number of hedge funds have bought and sold shares of HLIT. Russell Frank Co boosted its stake in Harmonic by 3.8% in the fourth quarter. Russell Frank Co now owns 246,732 shares of the company’s stock worth $1,027,000 after buying an additional 9,009 shares during the period. Olstein Capital Management L.P. boosted its stake in Harmonic by 26.3% in the fourth quarter. Olstein Capital Management L.P. now owns 480,000 shares of the company’s stock worth $1,954,000 after buying an additional 100,000 shares during the period. Principal Financial Group Inc. boosted its stake in Harmonic by 3.2% in the fourth quarter. Principal Financial Group Inc. now owns 590,225 shares of the company’s stock worth $2,403,000 after buying an additional 18,219 shares during the period. Finally, Nationwide Fund Advisors boosted its stake in Harmonic by 24.7% in the fourth quarter. Nationwide Fund Advisors now owns 632,764 shares of the company’s stock worth $2,575,000 after buying an additional 125,511 shares during the period.
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products and system solutions. The Company operates in two business segments: Video and Cable Edge. Its Video business sells video processing and production and playout solutions and services around the world to cable operators and satellite and telecommunications (telco) Pay-TV service providers and to broadcast and media companies.
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