Harmonic Inc. (HLIT) Stock Rating Reaffirmed by Jefferies Group
Harmonic Inc. (NASDAQ:HLIT)‘s stock had its “hold” rating reissued by Jefferies Group in a research report issued to clients and investors on Monday. They presently have a $4.00 price objective on the stock, up from their prior price objective of $3.50. Jefferies Group’s target price suggests a potential downside of 13.04% from the stock’s previous close.
HLIT has been the subject of a number of other reports. Drexel Hamilton upgraded shares of Harmonic from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Wednesday, August 10th. TheStreet upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a report on Tuesday, August 30th. Finally, Zacks Investment Research upgraded shares of Harmonic from a “hold” rating to a “buy” rating and set a $4.75 price objective for the company in a report on Monday, August 15th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $4.94.
Harmonic (NASDAQ:HLIT) remained flat at $4.60 during midday trading on Monday. The company’s stock had a trading volume of 11,212 shares. Harmonic has a 52 week low of $2.51 and a 52 week high of $6.13. The firm’s market cap is $360.40 million. The stock has a 50-day moving average price of $5.32 and a 200-day moving average price of $3.96.
Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Wednesday, November 9th. The company reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.04. The business earned $101.40 million during the quarter, compared to the consensus estimate of $107.24 million. Harmonic had a negative return on equity of 6.80% and a negative net margin of 18.23%. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. Equities research analysts predict that Harmonic will post ($0.03) earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Credit Suisse AG raised its stake in Harmonic by 1.9% in the third quarter. Credit Suisse AG now owns 70,464 shares of the company’s stock worth $418,000 after buying an additional 1,296 shares in the last quarter. Highbridge Capital Management LLC bought a new position in shares of Harmonic during the third quarter worth about $674,000. D. E. Shaw & Co. Inc. increased its position in shares of Harmonic by 4.7% in the third quarter. D. E. Shaw & Co. Inc. now owns 302,492 shares of the company’s stock worth $1,794,000 after buying an additional 13,509 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Harmonic during the third quarter worth about $324,000. Finally, Two Sigma Advisers LP increased its position in shares of Harmonic by 21.1% in the third quarter. Two Sigma Advisers LP now owns 140,037 shares of the company’s stock worth $830,000 after buying an additional 24,400 shares during the last quarter. Institutional investors own 93.34% 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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