Harmonic Inc. (NASDAQ:HLIT) has received a consensus recommendation of “Hold” from the six brokerages that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $5.50.

A number of equities research analysts have weighed in on HLIT shares. BidaskClub downgraded shares of Harmonic from a “hold” rating to a “sell” rating in a research note on Wednesday. Jefferies Group LLC reiterated a “hold” rating and set a $4.00 price target (down previously from $4.75) on shares of Harmonic in a research note on Tuesday, May 2nd. Finally, Zacks Investment Research downgraded shares of Harmonic from a “hold” rating to a “strong sell” rating in a research note on Tuesday.

In other Harmonic news, CFO Harold L. Covert sold 13,172 shares of Harmonic stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $5.14, for a total transaction of $67,704.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.53% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank boosted its position in Harmonic by 5.6% in the fourth quarter. Comerica Bank now owns 83,322 shares of the communications equipment provider’s stock worth $442,000 after buying an additional 4,449 shares in the last quarter. State Street Corp boosted its position in Harmonic by 6.2% in the fourth quarter. State Street Corp now owns 1,790,466 shares of the communications equipment provider’s stock worth $8,954,000 after buying an additional 103,988 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Harmonic during the fourth quarter worth about $2,353,000. Mackenzie Financial Corp boosted its position in Harmonic by 18.4% in the first quarter. Mackenzie Financial Corp now owns 518,066 shares of the communications equipment provider’s stock worth $3,082,000 after buying an additional 80,515 shares in the last quarter. Finally, Menta Capital LLC boosted its position in Harmonic by 17.2% in the first quarter. Menta Capital LLC now owns 164,311 shares of the communications equipment provider’s stock worth $978,000 after buying an additional 24,100 shares in the last quarter. 98.13% of the stock is owned by institutional investors and hedge funds.

Harmonic (NASDAQ:HLIT) traded down 2.30% during mid-day trading on Wednesday, reaching $4.25. 899,247 shares of the company traded hands. The company’s market capitalization is $342.26 million. The stock has a 50 day moving average price of $5.24 and a 200-day moving average price of $5.40. Harmonic has a 52-week low of $2.94 and a 52-week high of $6.18.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, May 1st. The communications equipment provider reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by $0.09. The company had revenue of $82.90 million during the quarter, compared to analyst estimates of $92.62 million. Harmonic had a negative return on equity of 7.29% and a negative net margin of 17.50%. The company’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.11) EPS. Analysts expect that Harmonic will post ($0.20) EPS for the current fiscal year.

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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.

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