Harmonic Inc (HLIT) Given Average Recommendation of “Buy” by Brokerages

Harmonic Inc (NASDAQ:HLIT) has been given a consensus recommendation of “Buy” by the eight research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $7.25.

Several equities analysts recently weighed in on HLIT shares. BidaskClub raised Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, June 6th. ValuEngine raised Harmonic from a “hold” rating to a “buy” rating in a research note on Monday, June 11th. TheStreet raised Harmonic from a “d” rating to a “c-” rating in a research note on Monday, July 30th. Northland Securities set a $7.00 price objective on Harmonic and gave the company a “buy” rating in a research note on Thursday, August 2nd. Finally, Zacks Investment Research downgraded Harmonic from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd.

Shares of HLIT stock traded up $0.20 during trading hours on Monday, reaching $5.40. 1,316,178 shares of the company’s stock were exchanged, compared to its average volume of 237,734. The company has a market cap of $447.36 million, a price-to-earnings ratio of -10.00 and a beta of 0.74. Harmonic has a 1 year low of $2.80 and a 1 year high of $5.65. The company has a current ratio of 1.29, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, July 30th. The communications equipment provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.09. Harmonic had a negative return on equity of 5.68% and a negative net margin of 11.52%. The firm had revenue of $99.40 million during the quarter, compared to the consensus estimate of $95.72 million. During the same period last year, the business posted ($0.20) EPS. Harmonic’s quarterly revenue was up 20.8% on a year-over-year basis. equities analysts forecast that Harmonic will post -0.08 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. OMERS ADMINISTRATION Corp acquired a new stake in Harmonic during the 1st quarter valued at $107,000. Manatuck Hill Partners LLC acquired a new stake in Harmonic during the 2nd quarter valued at $128,000. SG Americas Securities LLC acquired a new stake in Harmonic during the 2nd quarter valued at $138,000. MetLife Investment Advisors LLC grew its holdings in Harmonic by 111.5% during the 1st quarter. MetLife Investment Advisors LLC now owns 39,538 shares of the communications equipment provider’s stock valued at $150,000 after buying an additional 20,842 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its holdings in Harmonic by 112.4% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 36,235 shares of the communications equipment provider’s stock valued at $154,000 after buying an additional 19,174 shares during the last quarter. 86.52% of the stock is owned by hedge funds and other institutional investors.

About Harmonic

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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