Harmonic Inc. (NASDAQ:HLIT) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Harmonic Inc. (NASDAQ:HLIT) have earned a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $16.60.

A number of research firms have weighed in on HLIT. Zacks Research upgraded Harmonic from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 25th. Wall Street Zen upgraded Harmonic from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 6th. Barclays raised their target price on shares of Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Jefferies Financial Group restated a “hold” rating and set a $15.00 target price on shares of Harmonic in a report on Tuesday, May 12th. Finally, Needham & Company LLC upped their price target on shares of Harmonic from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th.

Harmonic Stock Down 0.6%

HLIT stock traded down $0.09 during midday trading on Tuesday, hitting $14.05. The company’s stock had a trading volume of 1,033,927 shares, compared to its average volume of 2,168,171. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.27 and a quick ratio of 2.03. Harmonic has a twelve month low of $7.80 and a twelve month high of $17.68. The company’s fifty day moving average price is $14.21 and its 200 day moving average price is $11.44. The stock has a market capitalization of $1.52 billion, a P/E ratio of -37.97 and a beta of 1.29.

Insider Transactions at Harmonic

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

Hedge Funds Weigh In On Harmonic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. iSAM Funds UK Ltd bought a new stake in shares of Harmonic during the 3rd quarter worth about $49,000. Global Retirement Partners LLC boosted its holdings in shares of Harmonic by 23,193.5% during the fourth quarter. Global Retirement Partners LLC now owns 7,221 shares of the communications equipment provider’s stock worth $71,000 after acquiring an additional 7,190 shares during the period. KBC Group NV increased its stake in shares of Harmonic by 130.7% during the fourth quarter. KBC Group NV now owns 7,476 shares of the communications equipment provider’s stock worth $74,000 after purchasing an additional 4,236 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Harmonic during the 1st quarter worth approximately $75,000. Finally, Royal Bank of Canada boosted its stake in Harmonic by 64.6% in the 4th quarter. Royal Bank of Canada now owns 7,645 shares of the communications equipment provider’s stock valued at $75,000 after purchasing an additional 3,000 shares during the period. 99.38% of the stock is owned by institutional investors.

About Harmonic

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.