Harmonic (NASDAQ:HLIT) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Several other brokerages also recently weighed in on HLIT. Zacks Investment Research raised Harmonic from a “hold” rating to a “buy” rating and set a $6.25 target price for the company in a research report on Saturday, November 3rd. ValuEngine downgraded Harmonic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 1st. Northland Securities set a $7.00 target price on Harmonic and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Loop Capital assumed coverage on Harmonic in a research report on Thursday, September 20th. They issued a “buy” rating and a $8.25 target price for the company. Finally, TheStreet raised Harmonic from a “d” rating to a “c-” rating in a research report on Monday, July 30th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $7.17.

Shares of NASDAQ:HLIT opened at $5.58 on Tuesday. The stock has a market cap of $518.45 million, a price-to-earnings ratio of -10.33 and a beta of 0.67. The company has a quick ratio of 1.19, a current ratio of 1.36 and a debt-to-equity ratio of 0.57. Harmonic has a 12 month low of $2.90 and a 12 month high of $6.32.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, October 29th. The communications equipment provider reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The company had revenue of $101.40 million during the quarter, compared to analyst estimates of $99.46 million. Harmonic had a negative return on equity of 5.97% and a negative net margin of 9.26%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.01) earnings per share. Research analysts predict that Harmonic will post -0.04 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of HLIT. Millennium Management LLC boosted its position in shares of Harmonic by 604.6% in the second quarter. Millennium Management LLC now owns 1,603,355 shares of the communications equipment provider’s stock worth $6,814,000 after buying an additional 1,375,807 shares during the period. BlackRock Inc. boosted its position in shares of Harmonic by 8.3% in the second quarter. BlackRock Inc. now owns 11,494,321 shares of the communications equipment provider’s stock worth $48,852,000 after buying an additional 879,583 shares during the period. Divisar Capital Management LLC boosted its position in shares of Harmonic by 33.4% in the second quarter. Divisar Capital Management LLC now owns 3,371,972 shares of the communications equipment provider’s stock worth $14,331,000 after buying an additional 844,508 shares during the period. Manatuck Hill Partners LLC boosted its position in shares of Harmonic by 674.3% in the third quarter. Manatuck Hill Partners LLC now owns 232,300 shares of the communications equipment provider’s stock worth $1,278,000 after buying an additional 202,300 shares during the period. Finally, Marathon Capital Management purchased a new stake in shares of Harmonic in the third quarter worth about $1,111,000. 87.03% of the stock is owned by institutional investors.

Harmonic Company Profile

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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