Harmonic Inc. (HLIT) Sees Large Volume Increase
Harmonic Inc. (NASDAQ:HLIT) shares saw unusually-strong trading volume on Wednesday . Approximately 785,345 shares traded hands during trading, an increase of 71% from the previous session’s volume of 458,488 shares.The stock last traded at $3.28 and had previously closed at $3.23.
Several research firms have recently weighed in on HLIT. Zacks Investment Research upgraded shares of Harmonic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 12th. Drexel Hamilton restated 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 assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $5.75.
The stock’s market capitalization is $256.71 million. The company has a 50-day moving average of $2.96 and a 200 day moving average of $3.13.
Harmonic (NASDAQ:HLIT) last issued its earnings results on Tuesday, May 10th. The company reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.08. The firm had revenue of $82.50 million for the quarter, compared to the consensus estimate of $83.98 million. During the same quarter in the previous year, the company earned $0.05 EPS. The business’s quarterly revenue was down 21.3% compared to the same quarter last year. On average, equities analysts predict that Harmonic Inc. will post $0.06 EPS for the current year.
Several large investors have recently modified their holdings of 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 in the last quarter. 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 in the last quarter. Finally, 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 in 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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