Econ Financial Services Corp Buys New Shares in Harmonic Inc. $HLIT

Econ Financial Services Corp purchased a new stake in shares of Harmonic Inc. (NASDAQ:HLIT) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 98,590 shares of the communications equipment provider’s stock, valued at approximately $885,000. Econ Financial Services Corp owned about 0.09% of Harmonic at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its position in shares of Harmonic by 7.4% during the 3rd 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. Inspire Investing LLC boosted its holdings in shares of Harmonic by 5.4% during the 4th quarter. Inspire Investing LLC now owns 47,233 shares of the communications equipment provider’s stock worth $467,000 after buying an additional 2,428 shares in the last quarter. Stephens Inc. AR grew its position in shares of Harmonic by 6.5% during the 4th quarter. Stephens Inc. AR now owns 41,893 shares of the communications equipment provider’s stock worth $414,000 after buying an additional 2,548 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Harmonic by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider’s stock valued at $630,000 after acquiring an additional 2,853 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in shares of 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 acquiring an additional 3,000 shares in the last quarter. 99.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

HLIT has been the subject of a number of research reports. Wall Street Zen upgraded shares of Harmonic from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 6th. Needham & Company LLC upped their price objective on shares of Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Rosenblatt Securities reissued a “buy” rating and set a $20.00 price objective on shares of Harmonic in a research report on Monday, June 15th. Jefferies Financial Group restated a “hold” rating and issued a $15.00 target price on shares of Harmonic in a research note on Tuesday, May 12th. Finally, Barclays upped their price target on Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $16.60.

Harmonic Price Performance

Shares of NASDAQ HLIT opened at $14.90 on Friday. Harmonic Inc. has a fifty-two week low of $7.80 and a fifty-two week high of $17.68. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -40.27 and a beta of 1.32. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27. The firm’s 50-day simple moving average is $13.40 and its 200 day simple moving average is $11.15.

Insider Buying and Selling

In related news, Director Stephanie Copeland sold 4,300 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the completion of the sale, the director directly owned 20,752 shares of the company’s stock, valued at approximately $276,001.60. This represents a 17.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Neven Haltmayer sold 31,766 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total value of $420,581.84. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. 1.74% of the stock is owned by company insiders.

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.