Harmonic (NASDAQ:HLIT) Director Sells $57,190.00 in Stock

Harmonic Inc. (NASDAQ:HLIT) Director Stephanie Copeland sold 4,300 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $13.30, for a total transaction of $57,190.00. Following the completion of the sale, the director owned 20,752 shares in the company, valued at $276,001.60. This represents a 17.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Harmonic Stock Performance

NASDAQ:HLIT opened at $12.31 on Thursday. The company has a current ratio of 2.27, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $1.34 billion, a P/E ratio of -33.27 and a beta of 1.24. The firm has a 50-day moving average price of $10.43 and a two-hundred day moving average price of $10.18. Harmonic Inc. has a twelve month low of $7.80 and a twelve month high of $15.39.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Thursday, February 19th. The communications equipment provider reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.04). The business had revenue of ($53.02) million during the quarter, compared to analysts’ expectations of $140.98 million. Harmonic had a negative net margin of 7.50% and a positive return on equity of 7.84%. The firm’s revenue for the quarter was down 42.6% on a year-over-year basis. During the same period last year, the company earned $0.45 EPS. As a group, research analysts expect that Harmonic Inc. will post 0.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

HLIT has been the topic of a number of analyst reports. Needham & Company LLC increased their target price on Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Jefferies Financial Group reissued a “hold” rating and issued a $15.00 price target on shares of Harmonic in a report on Tuesday, May 12th. Barclays upped their price objective on Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Weiss Ratings lowered Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research note on Friday, March 6th. Finally, Rosenblatt Securities lifted their price objective on Harmonic from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $16.60.

Institutional Trading of Harmonic

A number of hedge funds have recently bought and sold shares of HLIT. Clearline Capital LP raised its position in shares of Harmonic by 32.6% in the 3rd quarter. Clearline Capital LP now owns 795,076 shares of the communications equipment provider’s stock worth $8,094,000 after buying an additional 195,298 shares during the period. Tudor Investment Corp ET AL grew its position in Harmonic by 18.3% during the third quarter. Tudor Investment Corp ET AL now owns 1,013,492 shares of the communications equipment provider’s stock valued at $10,317,000 after acquiring an additional 156,862 shares during the period. Inspire Advisors LLC acquired a new stake in Harmonic during the third quarter worth about $2,455,000. First Eagle Investment Management LLC increased its stake in Harmonic by 23.7% during the third quarter. First Eagle Investment Management LLC now owns 818,376 shares of the communications equipment provider’s stock worth $8,331,000 after acquiring an additional 157,000 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in shares of Harmonic by 15.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 443,703 shares of the communications equipment provider’s stock worth $4,517,000 after purchasing an additional 58,145 shares during the period. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Company Profile

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.