Somewhat Favorable Media Coverage Very Likely to Affect Harmonic (HLIT) Stock Price
Headlines about Harmonic (NASDAQ:HLIT) have trended somewhat positive on Tuesday, according to Alpha One. The research firm, a service of Accern, identifies negative and positive media coverage by analyzing more than twenty million blog and news sources in real-time. Alpha One ranks coverage of public companies on a scale of negative one to one, with scores nearest to one being the most favorable. Harmonic earned a daily sentiment score of 0.23 on Alpha One’s scale. Alpha One also assigned headlines about the communications equipment provider an impact score of 84 out of 100, meaning that recent media coverage is very likely to have an effect on the company’s share price in the near term.
Shares of Harmonic (NASDAQ:HLIT) traded down 0.88% on Tuesday, reaching $5.60. 855,008 shares of the company were exchanged. The company’s market capitalization is $446.73 million. Harmonic has a 52 week low of $2.51 and a 52 week high of $6.18. The company’s 50-day moving average is $5.75 and its 200-day moving average is $5.33.
Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Tuesday, February 28th. The communications equipment provider reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. The firm earned $113.10 million during the quarter, compared to analysts’ expectations of $108.10 million. Harmonic had a negative return on equity of 6.80% and a negative net margin of 18.23%. The company’s revenue for the quarter was up 30.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.01) EPS. On average, equities analysts expect that Harmonic will post $0.21 EPS for the current fiscal year.
A number of brokerages have recently weighed in on HLIT. Zacks Investment Research lowered shares of Harmonic from a “hold” rating to a “sell” rating in a research note on Tuesday, March 7th. Jefferies Group LLC lifted their target price on shares of Harmonic from $4.00 to $4.75 and gave the company a “hold” rating in a research note on Wednesday, March 1st. Finally, Drexel Hamilton lowered shares of Harmonic from a “buy” rating to a “hold” rating in a research note on Tuesday, March 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Harmonic presently has an average rating of “Hold” and an average price target of $5.63.
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In other Harmonic news, SVP Nimrod Ben-Natan sold 19,000 shares of the company’s stock in a transaction that occurred on Thursday, March 9th. The stock was sold at an average price of $5.90, for a total value of $112,100.00. Following the completion of the transaction, the senior vice president now owns 57,909 shares of the company’s stock, valued at approximately $341,663.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Harold L. Covert sold 136,709 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $5.72, for a total value of $781,975.48. Following the completion of the transaction, the chief financial officer now directly owns 133,979 shares of the company’s stock, valued at approximately $766,359.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 199,231 shares of company stock valued at $1,150,359. Insiders own 4.27% of the company’s stock.
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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