Harmonic (NASDAQ:HLIT) Downgraded to “Hold” at BidaskClub

BidaskClub lowered shares of Harmonic (NASDAQ:HLIT) from a buy rating to a hold rating in a report issued on Thursday, BidAskClub reports.

HLIT has been the topic of a number of other research reports. Northland Securities reiterated a buy rating on shares of Harmonic in a research report on Wednesday, July 10th. Raymond James increased their price target on Harmonic from $6.75 to $9.00 and gave the stock an outperform rating in a research report on Tuesday, July 30th. Zacks Investment Research upgraded Harmonic from a hold rating to a strong-buy rating and set a $6.25 price target on the stock in a research report on Wednesday, July 3rd. Needham & Company LLC reiterated a buy rating and set a $10.00 price target (up previously from $7.00) on shares of Harmonic in a research report on Tuesday, July 30th. Finally, ValuEngine downgraded Harmonic from a strong-buy rating to a buy rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $8.70.

Shares of HLIT stock opened at $6.66 on Thursday. The company has a market capitalization of $590.52 million, a P/E ratio of 222.00, a P/E/G ratio of 10.18 and a beta of 0.87. The business’s 50 day moving average is $7.05 and its two-hundred day moving average is $5.91. The company has a current ratio of 1.34, a quick ratio of 1.14 and a debt-to-equity ratio of 0.64. Harmonic has a 12-month low of $4.48 and a 12-month high of $8.09.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 29th. The communications equipment provider reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The company had revenue of $84.87 million for the quarter, compared to the consensus estimate of $85.07 million. Harmonic had a negative return on equity of 3.72% and a negative net margin of 7.27%. Harmonic’s revenue for the quarter was down 14.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.05 earnings per share. On average, research analysts predict that Harmonic will post 0.07 earnings per share for the current fiscal year.

In other news, SVP Neven Haltmayer sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $7.28, for a total value of $218,400.00. Following the transaction, the senior vice president now owns 159,813 shares in the company, valued at $1,163,438.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.40% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. White Pine Capital LLC grew its stake in shares of Harmonic by 12.0% in the second quarter. White Pine Capital LLC now owns 175,400 shares of the communications equipment provider’s stock valued at $973,000 after buying an additional 18,800 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Harmonic in the second quarter valued at $3,720,000. Victory Capital Management Inc. grew its stake in shares of Harmonic by 35.7% in the second quarter. Victory Capital Management Inc. now owns 511,500 shares of the communications equipment provider’s stock valued at $2,839,000 after buying an additional 134,520 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of Harmonic by 102.2% in the second quarter. UBS Asset Management Americas Inc. now owns 36,800 shares of the communications equipment provider’s stock valued at $204,000 after buying an additional 18,600 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Harmonic in the second quarter valued at $220,000. Institutional investors and hedge funds own 86.71% of the company’s stock.

Harmonic Company Profile

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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Analyst Recommendations for Harmonic (NASDAQ:HLIT)

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