Harmonic (NASDAQ:HLIT) Hits New 1-Year High – Time to Buy?

Harmonic Inc. (NASDAQ:HLIT) reached a new 52-week high on Tuesday . The stock traded as high as $17.49 and last traded at $17.29, with a volume of 3457607 shares trading hands. The stock had previously closed at $15.20.

Analyst Ratings Changes

HLIT has been the topic of several recent research reports. Rosenblatt Securities raised their target price on Harmonic from $16.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Jefferies Financial Group restated a “hold” rating and set a $15.00 target price on shares of Harmonic in a report on Tuesday, May 12th. Barclays raised their price target on Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Northland Securities set a $15.00 price target on Harmonic in a research report on Tuesday, May 12th. Finally, Weiss Ratings downgraded Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $16.60.

Harmonic Trading Up 1.2%

The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -46.24 and a beta of 1.24. The company has a 50-day moving average price of $11.03 and a 200-day moving average price of $10.35. The company has a quick ratio of 2.03, a current ratio of 2.27 and a debt-to-equity ratio of 0.31.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 31,766 shares of Harmonic stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total transaction of $420,581.84. Following the sale, the senior vice president directly owned 133,924 shares of the company’s stock, valued at $1,773,153.76. This trade represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephanie Copeland sold 4,300 shares of Harmonic stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the sale, the director directly owned 20,752 shares in the company, valued at approximately $276,001.60. This trade represents a 17.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.74% of the stock is owned by company insiders.

Institutional Investors Weigh In On Harmonic

A number of institutional investors have recently added to or reduced their stakes in HLIT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Harmonic by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider’s stock worth $630,000 after buying an additional 2,853 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Harmonic by 9.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider’s stock worth $3,390,000 after buying an additional 31,276 shares in the last quarter. Jane Street Group LLC boosted its holdings in Harmonic by 978.5% during the first quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider’s stock valued at $2,373,000 after purchasing an additional 224,534 shares in the last quarter. American Century Companies Inc. boosted its holdings in Harmonic by 239.3% during the second quarter. American Century Companies Inc. now owns 110,892 shares of the communications equipment provider’s stock valued at $1,050,000 after purchasing an additional 78,214 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Harmonic in the 2nd quarter valued at approximately $1,426,000. 99.38% of the stock is owned by institutional investors and hedge funds.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.