Harmonic Inc. (NASDAQ:HLIT) Given Average Rating of “Hold” by Brokerages

Harmonic Inc. (NASDAQ:HLIT) has received a consensus recommendation of “Hold” from the seven analysts that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $16.60.

Several equities research analysts have weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $20.00 price target on shares of Harmonic in a report on Monday, June 15th. Zacks Research upgraded Harmonic from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 25th. Northland Securities set a $15.00 price objective on Harmonic in a research report on Tuesday, May 12th. Weiss Ratings lowered shares of Harmonic from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday. Finally, Wall Street Zen raised shares of Harmonic from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 6th.

Harmonic Stock Down 4.5%

Shares of Harmonic stock traded down $0.62 during trading hours on Tuesday, reaching $13.33. 208,830 shares of the company were exchanged, compared to its average volume of 2,000,172. The firm has a market cap of $1.45 billion, a PE ratio of -35.96 and a beta of 1.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27. Harmonic has a 1 year low of $7.80 and a 1 year high of $17.68. The stock’s fifty day moving average is $13.93 and its 200 day moving average is $11.35.

Insider Transactions at Harmonic

In other news, SVP Neven Haltmayer sold 31,766 shares of the company’s 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 completion of the transaction, the senior vice president directly owned 133,924 shares of the company’s stock, valued at approximately $1,773,153.76. This represents a 19.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephanie Copeland sold 4,300 shares of the company’s stock in a transaction that occurred on 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 transaction, the director directly owned 20,752 shares of the company’s stock, valued at $276,001.60. This trade represents a 17.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.74% of the stock is owned by insiders.

Hedge Funds Weigh In On Harmonic

Hedge funds have recently modified their holdings of the business. Amundi increased its holdings in shares of Harmonic by 68.5% in the 1st quarter. Amundi now owns 52,167 shares of the communications equipment provider’s stock valued at $468,000 after acquiring an additional 21,205 shares during the period. California State Teachers Retirement System boosted its stake in Harmonic by 16.9% during the 1st quarter. California State Teachers Retirement System now owns 126,667 shares of the communications equipment provider’s stock worth $1,137,000 after purchasing an additional 18,318 shares during the period. Quantinno Capital Management LP boosted its stake in Harmonic by 17.7% during the 1st quarter. Quantinno Capital Management LP now owns 32,605 shares of the communications equipment provider’s stock worth $293,000 after purchasing an additional 4,910 shares during the period. Gateway Wealth Partners LLC purchased a new position in Harmonic during the 1st quarter worth $90,000. Finally, Renaissance Technologies LLC grew its position in Harmonic by 120.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,052,927 shares of the communications equipment provider’s stock worth $9,455,000 after purchasing an additional 575,800 shares during the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Harmonic Company Profile

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.