Harmonic Inc. (NASDAQ:HLIT) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

Several other research firms also recently commented on HLIT. Zacks Investment Research raised shares of Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, May 3rd. Jefferies Group LLC reissued a “hold” rating and set a $4.00 price target (down from $4.75) on shares of Harmonic in a research note on Tuesday, May 2nd. Two equities 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’s stock. Harmonic currently has an average rating of “Hold” and an average price target of $5.44.

Harmonic (NASDAQ:HLIT) remained flat at $4.25 during midday trading on Wednesday. The company had a trading volume of 1,056,064 shares. Harmonic has a one year low of $3.01 and a one year high of $6.18. The firm’s 50 day moving average price is $5.19 and its 200 day moving average price is $5.38. The stock’s market cap is $342.26 million.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, May 1st. The communications equipment provider reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.05) by $0.09. The business had revenue of $82.90 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the business posted ($0.11) earnings per share. On average, equities analysts predict that Harmonic will post ($0.25) EPS for the current year.

COPYRIGHT VIOLATION WARNING: “Harmonic Inc. (HLIT) Downgraded by BidaskClub to “Sell”” was originally posted by American Banking News and is the property of of American Banking News. If you are reading this article on another domain, it was illegally copied and republished in violation of United States and international copyright law. The legal version of this article can be accessed at https://www.americanbankingnews.com/2017/07/23/harmonic-inc-hlit-downgraded-by-bidaskclub-to-sell.html.

In other Harmonic news, CFO Harold L. Covert sold 13,172 shares of Harmonic stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $5.14, for a total transaction of $67,704.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.27% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Harmonic by 118.7% in the first quarter. Wellington Management Group LLP now owns 3,742,068 shares of the communications equipment provider’s stock valued at $22,265,000 after buying an additional 2,031,135 shares in the last quarter. Netols Asset Management Inc. purchased a new position in shares of Harmonic during the first quarter valued at about $4,706,000. Russell Investments Group Ltd. purchased a new position in shares of Harmonic during the fourth quarter valued at about $2,353,000. Vanguard Group Inc. boosted its position in shares of Harmonic by 3.0% in the first quarter. Vanguard Group Inc. now owns 5,600,835 shares of the communications equipment provider’s stock valued at $33,325,000 after buying an additional 163,290 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Harmonic by 6.2% in the fourth quarter. State Street Corp now owns 1,790,466 shares of the communications equipment provider’s stock valued at $8,954,000 after buying an additional 103,988 shares in the last quarter. Hedge funds and other institutional investors own 98.13% of the company’s stock.

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.

Receive News & Ratings for Harmonic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic Inc. and related companies with MarketBeat.com's FREE daily email newsletter.