Harmonic Inc. (HLIT) Sees Strong Trading Volume
Shares of Harmonic Inc. (NASDAQ:HLIT) saw unusually-strong trading volume on Wednesday . Approximately 1,990,777 shares were traded during trading, an increase of 328% from the previous session’s volume of 464,689 shares.The stock last traded at $3.93 and had previously closed at $3.37.
Several equities research analysts have recently commented on HLIT shares. Drexel Hamilton reissued a “hold” rating on shares of Harmonic in a research report on Tuesday, June 28th. Zacks Investment Research raised shares of Harmonic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 12th. Finally, Jefferies Group reissued a “hold” rating and set a $3.50 target price on shares of Harmonic in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Harmonic presently has an average rating of “Hold” and an average price target of $4.25.
The stock’s market cap is $305.43 million. The firm has a 50-day moving average of $3.08 and a 200-day moving average of $3.13.
Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Tuesday, May 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.08. The firm had revenue of $82.50 million for the quarter, compared to analysts’ expectations of $83.98 million. The firm’s revenue was down 21.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 earnings per share. On average, equities analysts predict that Harmonic Inc. will post $0.06 EPS for the current year.
An institutional investor recently raised its position in Harmonic stock. Russell Frank Co increased its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 3.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the SEC.
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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