Harmonic Inc. (NASDAQ:HLIT) fell 5.9% during trading on Tuesday . The stock traded as low as $3.20 and last traded at $3.20. 672,787 shares traded hands during trading, an increase of 4% from the average session volume of 649,298 shares. The stock had previously closed at $3.40.

Several research firms recently commented on HLIT. BidaskClub downgraded shares of Harmonic from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Zacks Investment Research upgraded shares of Harmonic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 4th. ValuEngine cut shares of Harmonic from a “hold” rating to a “sell” rating in a report on Friday, August 4th. Jefferies Group LLC reaffirmed a “hold” rating and set a $4.00 target price (up from $3.50) on shares of Harmonic in a report on Tuesday, August 1st. Finally, TheStreet cut shares of Harmonic from a “c-” rating to a “d+” rating in a research note on Wednesday, August 9th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $5.67.

The company has a 50-day moving average of $3.67 and a 200-day moving average of $5.00. The company’s market cap is $251.94 million.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. The business had revenue of $82.30 million for the quarter, compared to analysts’ expectations of $80.88 million. The company’s quarterly revenue was down 24.9% compared to the same quarter last year. On average, analysts forecast that Harmonic Inc. will post ($0.42) earnings per share for the current fiscal year.

In other news, insider Patrick Harshman sold 7,979 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the sale, the insider now directly owns 570,733 shares of the company’s stock, valued at $1,980,443.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.27% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. OppenheimerFunds Inc. lifted its holdings in shares of Harmonic by 20.1% during the first quarter. OppenheimerFunds Inc. now owns 53,215 shares of the communications equipment provider’s stock worth $317,000 after purchasing an additional 8,912 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Harmonic by 69.2% during the first quarter. Russell Investments Group Ltd. now owns 780,775 shares of the communications equipment provider’s stock worth $4,645,000 after purchasing an additional 319,289 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Harmonic by 18.4% during the first quarter. Mackenzie Financial Corp now owns 518,066 shares of the communications equipment provider’s stock worth $3,082,000 after purchasing an additional 80,515 shares during the period. Royce & Associates LP lifted its holdings in shares of Harmonic by 3.1% during the second quarter. Royce & Associates LP now owns 1,170,499 shares of the communications equipment provider’s stock worth $6,145,000 after purchasing an additional 35,000 shares during the period. Finally, Menta Capital LLC lifted its holdings in shares of Harmonic by 17.2% during the first quarter. Menta Capital LLC now owns 164,311 shares of the communications equipment provider’s stock worth $978,000 after purchasing an additional 24,100 shares during the period. 99.08% of the stock is owned by hedge funds and other institutional investors.

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About Harmonic

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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