ValuEngine Downgrades Harmonic Inc. (NASDAQ:HLIT) to Sell

ValuEngine lowered shares of Harmonic Inc. (NASDAQ:HLIT) from a hold rating to a sell rating in a report published on Friday morning.

Several other analysts have also recently issued reports on HLIT. Jefferies Group LLC reiterated a hold rating and set a $4.00 target price (down previously from $4.75) on shares of Harmonic in a research report on Tuesday, May 2nd. Zacks Investment Research raised Harmonic from a sell rating to a hold rating in a research note on Wednesday, May 3rd. Finally, BidaskClub lowered Harmonic from a hold rating to a sell rating in a research note on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $5.44.

Shares of Harmonic (HLIT) opened at 3.925 on Friday. Harmonic has a 12 month low of $3.16 and a 12 month high of $6.18. The stock’s 50 day moving average price is $4.89 and its 200-day moving average price is $5.33. The company’s market cap is $316.62 million.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.02. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The firm had revenue of $82.30 million during the quarter, compared to analysts’ expectations of $80.88 million. The business’s quarterly revenue was down 24.9% compared to the same quarter last year. Equities research analysts expect that Harmonic will post ($0.42) earnings per share for the current year.

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In other news, CFO Harold L. Covert sold 13,172 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $5.14, for a total value of $67,704.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.53% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the stock. Municipal Employees Retirement System of Michigan raised its stake in Harmonic by 5.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after buying an additional 1,010 shares during the last quarter. Mason Street Advisors LLC raised its stake in Harmonic by 9.0% in the first quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock valued at $111,000 after buying an additional 1,534 shares during the last quarter. Sei Investments Co. bought a new stake in Harmonic during the second quarter valued at about $142,000. Louisiana State Employees Retirement System raised its stake in Harmonic by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after buying an additional 300 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in Harmonic by 36.3% in the second quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock valued at $186,000 after buying an additional 9,437 shares during the last quarter. 97.95% of the stock is owned by institutional investors and hedge funds.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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