Harmonic (NASDAQ:HLIT) Stock Passes Above Two Hundred Day Moving Average of $5.94

Harmonic Inc (NASDAQ:HLIT)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.94 and traded as high as $6.91. Harmonic shares last traded at $6.76, with a volume of 9,953 shares.

A number of analysts have recently commented on HLIT shares. Northland Securities reissued a “buy” rating on shares of Harmonic in a research note on Wednesday, July 10th. Raymond James upped their target price on Harmonic from $6.75 to $9.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. BidaskClub downgraded Harmonic from a “buy” rating to a “hold” rating in a report on Thursday, August 15th. Stifel Nicolaus upped their target price on Harmonic from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Finally, ValuEngine downgraded Harmonic from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $8.70.

The business has a fifty day moving average of $7.17 and a 200 day moving average of $5.94. The stock has a market cap of $606.65 million, a price-to-earnings ratio of 225.50, a P/E/G ratio of 10.46 and a beta of 0.87. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.34 and a quick ratio of 1.14.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 29th. The communications equipment provider reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.03. Harmonic had a negative return on equity of 3.72% and a negative net margin of 7.27%. The company had revenue of $84.87 million for the quarter, compared to the consensus estimate of $85.07 million. During the same quarter last year, the company posted $0.05 earnings per share. The company’s revenue for the quarter was down 14.4% compared to the same quarter last year. On average, analysts expect that Harmonic Inc will post 0.07 EPS for the current year.

In related news, SVP Neven Haltmayer sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $7.28, for a total transaction of $218,400.00. Following the completion of the sale, the senior vice president now owns 159,813 shares of the company’s stock, valued at approximately $1,163,438.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 6.40% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. Arizona State Retirement System grew its position in Harmonic by 2.5% during the 1st quarter. Arizona State Retirement System now owns 136,799 shares of the communications equipment provider’s stock worth $741,000 after purchasing an additional 3,285 shares during the last quarter. Texas Permanent School Fund lifted its stake in shares of Harmonic by 6.1% in the first quarter. Texas Permanent School Fund now owns 60,212 shares of the communications equipment provider’s stock valued at $326,000 after purchasing an additional 3,478 shares during the period. Swiss National Bank lifted its stake in shares of Harmonic by 2.5% in the second quarter. Swiss National Bank now owns 162,015 shares of the communications equipment provider’s stock valued at $899,000 after purchasing an additional 4,000 shares during the period. Comerica Bank lifted its stake in shares of Harmonic by 6.1% in the first quarter. Comerica Bank now owns 87,760 shares of the communications equipment provider’s stock valued at $499,000 after purchasing an additional 5,063 shares during the period. Finally, Aperio Group LLC acquired a new stake in shares of Harmonic in the second quarter valued at about $29,000. 87.45% of the stock is owned by institutional investors and hedge funds.

Harmonic Company Profile (NASDAQ:HLIT)

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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