Harmonic Inc. (HLIT) Sees Large Volume Increase
Harmonic Inc. (NASDAQ:HLIT) saw unusually-strong trading volume on Thursday . Approximately 614,423 shares traded hands during mid-day 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 have recently commented on HLIT shares. Drexel Hamilton reissued a “hold” rating on shares of Harmonic in a research note on Tuesday, June 28th. Zacks Investment Research raised shares of Harmonic from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $5.75.
The stock has a 50 day moving average of $2.93 and a 200-day moving average of $3.14. The stock’s market cap is $244.34 million.
Harmonic (NASDAQ:HLIT) last released its quarterly 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. During the same quarter in the prior year, the company earned $0.05 EPS. The firm had revenue of $82.50 million for the quarter, compared to analyst estimates of $83.98 million. Harmonic’s revenue for the quarter was down 21.3% compared to the same quarter last year. On average, analysts expect that Harmonic Inc. will post $0.06 earnings per share for the current fiscal year.
Other large investors have recently added to or reduced their stakes in the company. Russell Frank Co raised 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 in the last quarter. Olstein Capital Management L.P. increased its position 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 worth $1,954,000 after buying an additional 100,000 shares during the last quarter. Finally, Nationwide Fund Advisors increased its position in shares of 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 last quarter.
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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