Harmonic Inc. (HLIT) Trading 5.4% Higher
Shares of Harmonic Inc. (NASDAQ:HLIT) traded up 5.4% on Friday . The company traded as high as $2.95 and last traded at $2.93, with a volume of 191,153 shares trading hands. The stock had previously closed at $2.78.
Separately, Drexel Hamilton reiterated a “hold” rating on shares of Harmonic in a research report on Tuesday, June 28th. One research 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 has a consensus rating of “Hold” and a consensus target price of $5.75.
The firm’s market capitalization is $226.56 million. The stock has a 50 day moving average price of $2.85 and a 200-day moving average price of $3.21.
Harmonic (NASDAQ:HLIT) last released its earnings results on Tuesday, May 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $0.08. The business earned $82.50 million during the quarter, compared to analysts’ expectations of $83.98 million. During the same quarter in the previous year, the company posted $0.05 EPS. The firm’s revenue was down 21.3% on a year-over-year basis. Equities analysts anticipate that Harmonic Inc. will post $0.06 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Harmonic by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,872,364 shares of the company’s stock valued at $27,971,000 after buying an additional 225,866 shares during the period. 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 valued at $2,575,000 after buying an additional 125,511 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 valued at $1,954,000 after buying an additional 100,000 shares during the period. Finally, 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 valued at $1,027,000 after buying an additional 9,009 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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