Harmonic (NASDAQ:HLIT) Shares Gap Down on Analyst Downgrade

Harmonic Inc. (NASDAQ:HLIT)’s stock price gapped down before the market opened on Tuesday after Rosenblatt Securities lowered their price target on the stock from $18.00 to $16.00. The stock had previously closed at $14.82, but opened at $10.93. Rosenblatt Securities currently has a buy rating on the stock. Harmonic shares last traded at $11.27, with a volume of 2,165,194 shares traded.

Other equities analysts have also issued research reports about the stock. Barclays dropped their target price on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $17.00 to $14.00 in a research report on Tuesday. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday. Finally, Northland Securities dropped their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.80.

Insider Buying and Selling

In other news, SVP Neven Haltmayer sold 40,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the transaction, the senior vice president now owns 122,211 shares in the company, valued at $1,761,060.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. CWM LLC increased its stake in shares of Harmonic by 780.9% in the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after acquiring an additional 1,999 shares during the period. GAMMA Investing LLC lifted its position in shares of Harmonic by 117.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 1,323 shares in the last quarter. Innealta Capital LLC purchased a new stake in Harmonic in the 2nd quarter worth $47,000. SageView Advisory Group LLC purchased a new stake in Harmonic during the 1st quarter valued at about $114,000. Finally, Verdence Capital Advisors LLC purchased a new position in Harmonic in the 2nd quarter worth approximately $140,000. 99.38% of the stock is owned by institutional investors and hedge funds.

Harmonic Trading Down 24.2 %

The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. The company has a fifty day moving average price of $14.06 and a two-hundred day moving average price of $12.57. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 18.78 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 53.9% compared to the same quarter last year. As a group, research analysts forecast that Harmonic Inc. will post 0.44 earnings per share for the current fiscal year.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.