Drexel Hamilton Reiterates Buy Rating for Harmonic Inc. (HLIT)
Harmonic Inc. (NASDAQ:HLIT)‘s stock had its “buy” rating reissued by equities research analysts at Drexel Hamilton in a research report issued on Thursday. They presently have a $6.00 price target on the stock. Drexel Hamilton’s price target indicates a potential upside of 22.45% from the stock’s current price.
Other equities research analysts have also issued reports about the company. Jefferies Group restated a “hold” rating and issued a $3.50 price target on shares of Harmonic in a research report on Wednesday, August 10th. Zacks Investment Research upgraded Harmonic from a “hold” rating to a “buy” rating and set a $4.75 price target for the company in a research report on Monday, August 15th. Finally, TheStreet upgraded Harmonic from a “sell” rating to a “hold” rating in a research report on Tuesday, August 30th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $4.81.
Shares of Harmonic (NASDAQ:HLIT) opened at 4.90 on Thursday. The company’s market capitalization is $383.72 million. The firm’s 50-day moving average price is $5.31 and its 200-day moving average price is $3.94. Harmonic has a 12 month low of $2.51 and a 12 month high of $6.13.
Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Wednesday, November 9th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.04. The company earned $101.40 million during the quarter, compared to analysts’ expectations of $107.24 million. Harmonic had a negative net margin of 18.23% and a negative return on equity of 6.80%. The business’s revenue was up 22.1% compared to the same quarter last year. Equities research analysts expect that Harmonic will post ($0.01) EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of HLIT. KCG Holdings Inc. raised its position in Harmonic by 179.4% in the third quarter. KCG Holdings Inc. now owns 31,414 shares of the company’s stock valued at $186,000 after buying an additional 20,169 shares in the last quarter. Citadel Advisors LLC raised its position in Harmonic by 694.1% in the third quarter. Citadel Advisors LLC now owns 124,706 shares of the company’s stock valued at $740,000 after buying an additional 109,002 shares in the last quarter. Morgan Stanley raised its position in Harmonic by 756.1% in the third quarter. Morgan Stanley now owns 17,080 shares of the company’s stock valued at $101,000 after buying an additional 15,085 shares in the last quarter. Principal Financial Group Inc. raised its position in Harmonic by 1.2% in the third quarter. Principal Financial Group Inc. now owns 564,523 shares of the company’s stock valued at $3,348,000 after buying an additional 6,865 shares in the last quarter. Finally, Northern Trust Corp raised its position in Harmonic by 3.0% in the third quarter. Northern Trust Corp now owns 892,239 shares of the company’s stock valued at $5,291,000 after buying an additional 25,824 shares in the last quarter. Institutional investors own 95.23% of the company’s stock.
Harmonic Company Profile
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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