Insider Selling: Harmonic Inc. (HLIT) SVP Sells 8,004 Shares of Stock
Harmonic Inc. (NASDAQ:HLIT) SVP Bart Spriester sold 8,004 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total value of $30,495.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Harmonic Inc. (HLIT) traded up $0.10 during trading hours on Friday, reaching $3.90. The company had a trading volume of 225,199 shares, compared to its average volume of 633,456. Harmonic Inc. has a 12 month low of $2.80 and a 12 month high of $6.18. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.20 and a quick ratio of 0.99.
Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.07. The company had revenue of $92.00 million during the quarter, compared to analyst estimates of $85.63 million. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.01) earnings per share. equities research analysts anticipate that Harmonic Inc. will post -0.51 EPS for the current year.
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A number of research firms have recently commented on HLIT. TheStreet lowered Harmonic from a “c-” rating to a “d+” rating in a report on Wednesday, August 9th. ValuEngine lowered Harmonic from a “hold” rating to a “sell” rating in a report on Monday, October 2nd. Zacks Investment Research lowered Harmonic from a “buy” rating to a “hold” rating in a report on Friday, October 6th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $4.00 price target (up from $3.50) on shares of Harmonic in a report on Tuesday, August 1st. Finally, Dougherty & Co reaffirmed a “buy” rating and issued a $6.50 price target on shares of Harmonic in a report on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $5.06.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System raised its position in Harmonic by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after purchasing an additional 300 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Harmonic by 1.2% in the second quarter. Arizona State Retirement System now owns 42,018 shares of the communications equipment provider’s stock worth $221,000 after buying an additional 500 shares during the period. Municipal Employees Retirement System of Michigan increased its holdings in shares of Harmonic by 5.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock worth $100,000 after buying an additional 1,010 shares during the period. Texas Permanent School Fund increased its holdings in shares of Harmonic by 1.8% in the second quarter. Texas Permanent School Fund now owns 58,796 shares of the communications equipment provider’s stock worth $309,000 after buying an additional 1,040 shares during the period. Finally, Prudential Financial Inc. increased its holdings in shares of Harmonic by 1.0% in the first quarter. Prudential Financial Inc. now owns 132,054 shares of the communications equipment provider’s stock worth $786,000 after buying an additional 1,360 shares during the period. Institutional investors and hedge funds own 99.86% of the company’s stock.
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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