Harmonic Inc. (HLIT) Director Nikos Theodosopoulos Acquires 25,000 Shares of Stock
Harmonic Inc. (NASDAQ:HLIT) Director Nikos Theodosopoulos acquired 25,000 shares of the business’s stock in a transaction dated Tuesday, November 15th. The shares were acquired at an average cost of $4.75 per share, with a total value of $118,750.00. Following the acquisition, the director now directly owns 40,831 shares of the company’s stock, valued at approximately $193,947.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Harmonic Inc. (NASDAQ:HLIT) traded down 3.06% during mid-day trading on Thursday, reaching $4.75. The company had a trading volume of 227,110 shares. The firm has a 50-day moving average of $5.32 and a 200 day moving average of $3.97. Harmonic Inc. has a 1-year low of $2.51 and a 1-year high of $6.13. The company’s market capitalization is $372.15 billion.
Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Wednesday, November 9th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.03 by $0.04. Harmonic had a negative return on equity of 6.80% and a negative net margin of 18.23%. The company earned $101.40 million during the quarter, compared to the consensus estimate of $107.24 million. The firm’s quarterly revenue was up 22.1% compared to the same quarter last year. On average, analysts predict that Harmonic Inc. will post ($0.03) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Carleon Capital Partners LLC increased its position in Harmonic by 4.8% in the second quarter. Carleon Capital Partners LLC now owns 119,473 shares of the company’s stock valued at $340,000 after buying an additional 5,520 shares during the period. Cowen Prime Services LLC increased its position in Harmonic by 23.8% in the second quarter. Cowen Prime Services LLC now owns 131,494 shares of the company’s stock valued at $375,000 after buying an additional 25,286 shares during the period. California Public Employees Retirement System increased its position in Harmonic by 33.6% in the second quarter. California Public Employees Retirement System now owns 325,875 shares of the company’s stock valued at $929,000 after buying an additional 81,900 shares during the period. AXA bought a new position in Harmonic during the first quarter valued at approximately $875,000. Finally, Emerald Acquisition Ltd. bought a new position in Harmonic during the second quarter valued at approximately $1,462,000. 93.34% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently commented on HLIT. Drexel Hamilton raised 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. Jefferies Group reissued a “hold” rating and set a $3.50 price objective on shares of Harmonic in a report on Wednesday, August 10th. TheStreet raised Harmonic from a “sell” rating to a “hold” rating in a report on Tuesday, August 30th. Finally, Zacks Investment Research raised 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Harmonic currently has a consensus rating of “Buy” and an average target price of $4.94.
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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