Walleye Capital LLC Sells 677,212 Shares of Harmonic Inc. $HLIT

Walleye Capital LLC cut its holdings in Harmonic Inc. (NASDAQ:HLIT) by 93.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 49,021 shares of the communications equipment provider’s stock after selling 677,212 shares during the quarter. Walleye Capital LLC’s holdings in Harmonic were worth $440,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Harmonic by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 12,022,963 shares of the communications equipment provider’s stock worth $118,907,000 after acquiring an additional 148,281 shares in the last quarter. State Street Corp boosted its stake in shares of Harmonic by 1.8% in the 4th quarter. State Street Corp now owns 4,471,187 shares of the communications equipment provider’s stock valued at $44,220,000 after purchasing an additional 80,791 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Harmonic by 5.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,673,398 shares of the communications equipment provider’s stock valued at $32,987,000 after purchasing an additional 188,293 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Harmonic by 2.9% during the 3rd quarter. Alliancebernstein L.P. now owns 2,406,945 shares of the communications equipment provider’s stock valued at $24,503,000 after purchasing an additional 68,921 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Harmonic by 10.8% during the 3rd quarter. Marshall Wace LLP now owns 2,132,625 shares of the communications equipment provider’s stock worth $21,710,000 after purchasing an additional 207,476 shares in the last quarter. Institutional investors own 99.38% of the company’s stock.

Harmonic Price Performance

HLIT stock opened at $11.19 on Friday. The company has a quick ratio of 2.03, a current ratio of 2.27 and a debt-to-equity ratio of 0.31. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -30.24 and a beta of 1.29. The company’s fifty day simple moving average is $14.17 and its 200 day simple moving average is $11.61. Harmonic Inc. has a 12-month low of $7.80 and a 12-month high of $17.68.

Insider Activity

In other Harmonic news, Director Stephanie Copeland sold 4,300 shares of Harmonic stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the completion of the sale, the director directly owned 20,752 shares in the company, valued at approximately $276,001.60. The trade was a 17.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Neven Haltmayer sold 31,766 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total value of $420,581.84. Following the completion of the transaction, the senior vice president directly owned 133,924 shares in the company, valued at approximately $1,773,153.76. This trade represents a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.74% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Barclays increased their price objective on shares of Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Jefferies Financial Group reissued a “hold” rating and set a $15.00 price objective on shares of Harmonic in a report on Tuesday, May 12th. Wall Street Zen upgraded Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 6th. Weiss Ratings upgraded Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, July 17th. Finally, Northland Securities set a $15.00 price target on Harmonic in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.60.

Harmonic 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.