Harmonic Inc. (HLIT) Sees Unusually-High Trading Volume
Shares of Harmonic Inc. (NASDAQ:HLIT) saw strong trading volume on Thursday . 614,423 shares changed hands during trading, an increase of 34% from the previous session’s volume of 457,500 shares.The stock last traded at $3.08 and had previously closed at $3.07.
A number of equities analysts recently commented on the company. Zacks Investment Research raised Harmonic from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 12th. Drexel Hamilton reissued a “hold” rating on shares of Harmonic in a research note on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Harmonic has an average rating of “Hold” and a consensus target price of $5.75.
The stock has a 50-day moving average of $2.92 and a 200 day moving average of $3.15. The stock’s market cap is $241.25 million.
Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Tuesday, May 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by $0.08. The business had revenue of $82.50 million for the quarter, compared to the consensus estimate of $83.98 million. During the same period in the previous year, the company earned $0.05 EPS. Harmonic’s quarterly revenue was down 21.3% compared to the same quarter last year. Equities analysts expect that Harmonic Inc. will post $0.06 EPS for the current year.
Several large investors have made changes to their positions in HLIT. Russell Frank Co increased its stake in shares of Harmonic by 3.8% in the fourth quarter. Russell Frank Co now owns 246,732 shares of the company’s stock valued at $1,027,000 after buying an additional 9,009 shares during the period. Nationwide Fund Advisors increased its stake in shares of Harmonic by 24.7% in the fourth quarter. Nationwide Fund Advisors now owns 632,764 shares of the company’s stock valued at $2,575,000 after buying an additional 125,511 shares during the period. Finally, Olstein Capital Management L.P. increased its stake in shares of Harmonic by 26.3% in the fourth quarter. Olstein Capital Management L.P. now owns 480,000 shares of the company’s stock valued at $1,954,000 after buying an additional 100,000 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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