Harmonic Inc. (HLIT) Insider Neven Haltmayer Sells 8,311 Shares
Harmonic Inc. (NASDAQ:HLIT) insider Neven Haltmayer sold 8,311 shares of the company’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $3.81, for a total transaction of $31,664.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Harmonic Inc. (NASDAQ:HLIT) traded up $0.10 during midday trading on Friday, reaching $3.90. 225,199 shares of the company’s stock were exchanged, compared to its average volume of 604,604. Harmonic Inc. has a 52 week low of $2.80 and a 52 week 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 issued its quarterly earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.07. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The company had revenue of $92.00 million during the quarter, compared to the consensus estimate of $85.63 million. During the same period in the prior year, the company earned ($0.01) EPS. Harmonic’s revenue was down 9.3% on a year-over-year basis. equities research analysts forecast that Harmonic Inc. will post -0.51 EPS for the current year.
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A number of hedge funds and other institutional investors have recently modified their holdings of HLIT. Municipal Employees Retirement System of Michigan lifted its holdings in Harmonic by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after acquiring an additional 1,010 shares during the last quarter. Sei Investments Co. acquired a new stake in Harmonic in the 2nd quarter valued at about $142,000. BNP Paribas Arbitrage SA lifted its holdings in Harmonic by 41.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 49,992 shares of the communications equipment provider’s stock valued at $152,000 after acquiring an additional 14,536 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in Harmonic by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after acquiring an additional 300 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Harmonic in the 3rd quarter valued at about $190,000. 99.86% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on HLIT shares. Dougherty & Co reaffirmed a “buy” rating and issued a $6.50 price objective on shares of Harmonic in a report on Monday, October 23rd. Zacks Investment Research raised shares of Harmonic from a “hold” rating to a “buy” rating and set a $3.75 price objective for the company in a report on Wednesday, October 4th. Northland Securities set a $6.00 price objective on shares of Harmonic and gave the stock a “buy” rating in a report on Tuesday, October 17th. TheStreet downgraded shares of Harmonic from a “c-” rating to a “d+” rating in a report on Wednesday, August 9th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $4.00 price objective (up previously from $3.50) on shares of Harmonic in a report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $5.06.
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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