Algert Global LLC increased its position in Harmonic Inc (NASDAQ:HLIT) by 101.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 232,054 shares of the communications equipment provider’s stock after purchasing an additional 117,123 shares during the quarter. Algert Global LLC owned approximately 0.27% of Harmonic worth $1,276,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. Manatuck Hill Partners LLC acquired a new position in shares of Harmonic during the 2nd quarter worth about $128,000. SG Americas Securities LLC acquired a new position in shares of Harmonic during the 2nd quarter worth about $138,000. Metropolitan Life Insurance Co. NY grew its position in shares of 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 worth $154,000 after buying an additional 19,174 shares during the period. Laurion Capital Management LP acquired a new position in shares of Harmonic during the 2nd quarter worth about $213,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Harmonic during the 2nd quarter worth about $253,000. Hedge funds and other institutional investors own 86.72% of the company’s stock.
NASDAQ:HLIT opened at $5.09 on Friday. Harmonic Inc has a fifty-two week low of $2.90 and a fifty-two week high of $6.32. The company has a current ratio of 1.36, a quick ratio of 1.19 and a debt-to-equity ratio of 0.57. The stock has a market cap of $475.10 million, a PE ratio of -9.43 and a beta of 0.66.
Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 29th. The communications equipment provider reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03. Harmonic had a negative return on equity of 5.97% and a negative net margin of 9.26%. The business had revenue of $101.40 million for the quarter, compared to analysts’ expectations of $99.46 million. During the same quarter in the previous year, the business posted ($0.01) EPS. Harmonic’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, equities analysts expect that Harmonic Inc will post -0.04 EPS for the current fiscal year.
Several equities analysts have recently issued reports on HLIT shares. BidaskClub upgraded Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. ValuEngine upgraded Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 4th. Loop Capital started coverage on Harmonic in a research report on Thursday, September 20th. They set a “buy” rating and a $8.25 target price for the company. Finally, Zacks Investment Research upgraded Harmonic from a “hold” rating to a “buy” rating and set a $6.25 target price for the company in a research report on Saturday, November 3rd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $7.17.
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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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