Harmonic Inc. (HLIT) Shares Down 4.7%
Shares of Harmonic Inc. (NASDAQ:HLIT) fell 4.7% during mid-day trading on Tuesday . The company traded as low as $3.05 and last traded at $3.06, with a volume of 138,496 shares. The stock had previously closed at $3.21.
A number of brokerages have issued reports on HLIT. Zacks Investment Research raised Harmonic from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 12th. Drexel Hamilton reaffirmed a “hold” rating on shares of Harmonic in a report on Tuesday, June 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $5.00.
The firm’s 50 day moving average is $2.99 and its 200-day moving average is $3.13. The stock’s market capitalization is $234.29 million.
Harmonic (NASDAQ:HLIT) last issued its earnings results on Tuesday, May 10th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.03) by $0.08. The company earned $82.50 million during the quarter, compared to analyst estimates of $83.98 million. The company’s revenue for the quarter was down 21.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.05 earnings per share. On average, analysts anticipate that Harmonic Inc. will post $0.06 earnings per share for the current fiscal year.
An institutional investor recently raised its position in Harmonic stock. Russell Frank Co boosted its stake in Harmonic Inc. (NASDAQ:HLIT) by 3.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,732 shares of the company’s stock after buying an additional 9,009 shares during the period. Russell Frank Co owned 0.28% of Harmonic worth $1,027,000 at the end of the most recent quarter.
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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