Harmonic (NASDAQ:HLIT) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Harmonic Inc. (NASDAQ:HLIT) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $11.05 and traded as high as $14.87. Harmonic shares last traded at $14.66, with a volume of 2,552,773 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on HLIT. Rosenblatt Securities reaffirmed a “buy” rating and set a $20.00 price objective on shares of Harmonic in a research report on Monday, June 15th. Needham & Company LLC raised their target price on shares of Harmonic from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Northland Securities set a $15.00 target price on Harmonic in a research note on Tuesday, May 12th. Jefferies Financial Group reaffirmed a “hold” rating and set a $15.00 target price on shares of Harmonic in a report on Tuesday, May 12th. Finally, Wall Street Zen upgraded Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 6th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.60.

Harmonic Trading Down 2.0%

The firm’s fifty day moving average price is $13.11 and its 200-day moving average price is $11.05. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -39.62 and a beta of 1.32. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.27 and a quick ratio of 2.03.

Insider Activity

In related news, Director Stephanie Copeland sold 4,300 shares of Harmonic stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $13.30, for a total value of $57,190.00. Following the sale, the director directly owned 20,752 shares in the company, valued at $276,001.60. This trade represents a 17.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Neven Haltmayer sold 31,766 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total transaction of $420,581.84. Following the transaction, the senior vice president directly owned 133,924 shares of the company’s stock, valued at $1,773,153.76. The trade was a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.74% of the company’s stock.

Institutional Investors Weigh In On Harmonic

A number of hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. lifted its holdings in shares of Harmonic by 7.4% in the third quarter. PNC Financial Services Group Inc. now owns 16,926 shares of the communications equipment provider’s stock valued at $172,000 after purchasing an additional 1,162 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Harmonic by 2.0% during the first quarter. Sei Investments Co. now owns 70,742 shares of the communications equipment provider’s stock valued at $635,000 after buying an additional 1,383 shares in the last quarter. Aristides Capital LLC grew its holdings in shares of Harmonic by 7.2% during the first quarter. Aristides Capital LLC now owns 21,943 shares of the communications equipment provider’s stock valued at $197,000 after buying an additional 1,483 shares in the last quarter. Inspire Investing LLC raised its position in Harmonic by 5.4% during the fourth quarter. Inspire Investing LLC now owns 47,233 shares of the communications equipment provider’s stock valued at $467,000 after buying an additional 2,428 shares during the period. Finally, Stephens Inc. AR raised its position in Harmonic by 6.5% during the fourth quarter. Stephens Inc. AR now owns 41,893 shares of the communications equipment provider’s stock valued at $414,000 after buying an additional 2,548 shares during the period. Institutional investors own 99.38% of the company’s stock.

Harmonic Company Profile

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.