Harmonic Target of Unusually Large Options Trading (NASDAQ:HLIT)

Harmonic Inc. (NASDAQ:HLIT) was the recipient of some unusual options trading on Tuesday. Stock traders purchased 2,983 call options on the stock. This is an increase of approximately 95% compared to the typical daily volume of 1,526 call options.

Insider Activity

In other Harmonic 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 value of $420,581.84. Following the sale, the senior vice president owned 133,924 shares of the company’s stock, valued at $1,773,153.76. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephanie Copeland sold 4,300 shares of Harmonic stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $13.30, for a total value of $57,190.00. Following the completion of the sale, the director directly owned 20,752 shares in the company, valued at $276,001.60. This represents a 17.16% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.74% of the company’s stock.

Hedge Funds Weigh In On Harmonic

A number of institutional investors have recently bought and sold shares of HLIT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 during the last quarter. Jane Street Group LLC increased its position 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 worth $2,373,000 after buying an additional 224,534 shares during the last quarter. American Century Companies Inc. increased its position 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 worth $1,050,000 after buying an additional 78,214 shares during the last quarter. Finally, Norges Bank acquired a new position in Harmonic during the second quarter worth approximately $1,426,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Stock Performance

NASDAQ HLIT traded down $0.14 during trading on Tuesday, reaching $15.68. 5,181,470 shares of the company’s stock were exchanged, compared to its average volume of 4,560,583. The business has a 50 day moving average price of $11.42 and a 200-day moving average price of $10.48. The stock has a market capitalization of $1.70 billion, a P/E ratio of -43.50 and a beta of 1.32. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.27 and a quick ratio of 2.03. Harmonic has a fifty-two week low of $7.80 and a fifty-two week high of $17.68.

Analyst Ratings Changes

Several analysts have issued reports on the company. Barclays lifted their price target on Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Weiss Ratings downgraded Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Needham & Company LLC lifted their target price on Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Rosenblatt Securities lifted their target price on Harmonic from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Finally, Wall Street Zen downgraded Harmonic from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 24th. 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. Based on data from MarketBeat, Harmonic currently has an average rating of “Hold” and an average target price of $16.60.

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.