Harmonic Inc. (NASDAQ:HLIT) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $3.15 and last traded at $3.15, with a volume of 382,480 shares traded. The stock had previously closed at $3.20.

A number of equities research analysts recently weighed in on HLIT shares. BidaskClub cut shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Zacks Investment Research raised 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 research report on Friday, August 4th. Jefferies Group LLC reissued a “hold” rating and issued a $4.00 price target (up from $3.50) on shares of Harmonic in a research report on Tuesday, August 1st. Finally, TheStreet cut shares of Harmonic from a “c-” rating to a “d+” rating in a research report on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $5.67.

The firm’s 50 day moving average price is $3.63 and its 200 day moving average price is $4.99. The company’s market capitalization is $247.88 million.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) EPS for the quarter, beating the Zacks’ 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 firm had revenue of $82.30 million for the quarter, compared to the consensus estimate of $80.88 million. The firm’s revenue for the quarter was down 24.9% compared to the same quarter last year. Equities analysts predict that Harmonic Inc. will post ($0.42) EPS for the current year.

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

Hedge funds and other institutional investors have recently bought and sold shares of the business. Municipal Employees Retirement System of Michigan boosted its stake in Harmonic by 5.6% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after acquiring an additional 1,010 shares during the last quarter. Mason Street Advisors LLC boosted its stake in Harmonic by 9.0% during the 1st quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock valued at $111,000 after acquiring an additional 1,534 shares during the last quarter. Sei Investments Co. bought a new position in Harmonic during the 2nd quarter valued at $142,000. Louisiana State Employees Retirement System boosted its stake in Harmonic by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after acquiring an additional 300 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in Harmonic by 36.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock valued at $186,000 after acquiring an additional 9,437 shares during the last quarter. Hedge funds and other institutional investors own 99.08% of the company’s stock.

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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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