ValuEngine lowered shares of Harmonic Inc. (NASDAQ:HLIT) from a hold rating to a sell rating in a report issued on Monday morning.

Several other equities research analysts have also commented on the company. Zacks Investment Research lowered Harmonic from a hold rating to a strong sell rating in a research note on Tuesday, July 18th. BidaskClub lowered Harmonic from a hold rating to a sell rating in a research note on Wednesday, July 19th. Jefferies Group LLC restated a hold rating and issued a $3.50 price objective on shares of Harmonic in a research note on Sunday, September 10th. Finally, TheStreet lowered Harmonic from a c- rating to a d+ rating in a research note on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $5.06.

Harmonic (HLIT) traded down 3.17% during trading on Monday, hitting $3.05. The stock had a trading volume of 234,531 shares. The company has a 50-day moving average price of $3.11 and a 200-day moving average price of $4.60. Harmonic has a 52-week low of $2.80 and a 52-week high of $6.18. The company’s market cap is $247.88 million.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.02. The firm had revenue of $82.30 million during the quarter, compared to analyst estimates of $80.88 million. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. Harmonic’s revenue for the quarter was down 24.9% compared to the same quarter last year. Equities research analysts forecast that Harmonic will post ($0.42) EPS for the current year.

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In other Harmonic news, insider Patrick Harshman sold 7,979 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total transaction of $27,687.13. Following the completion of the transaction, the insider now owns 570,733 shares of the company’s stock, valued at approximately $1,980,443.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.27% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its holdings in shares of Harmonic by 7.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 67,464 shares of the communications equipment provider’s stock valued at $354,000 after purchasing an additional 4,942 shares during the last quarter. State Street Corp lifted its holdings in shares of Harmonic by 7.0% in the 2nd quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock valued at $10,303,000 after acquiring an additional 129,086 shares during the last quarter. Voya Investment Management LLC lifted its holdings in shares of Harmonic by 12.1% in the 2nd quarter. Voya Investment Management LLC now owns 43,910 shares of the communications equipment provider’s stock valued at $231,000 after acquiring an additional 4,742 shares during the last quarter. Epoch Investment Partners Inc. lifted its holdings in shares of Harmonic by 1.0% in the 2nd quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock valued at $26,317,000 after acquiring an additional 52,062 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Harmonic by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock valued at $34,805,000 after acquiring an additional 58,240 shares during the last quarter. 99.08% of the stock is owned by institutional investors and hedge funds.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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