Harmonic (NASDAQ:HLIT) Shares Down 6.2% – Here’s What Happened

Harmonic Inc. (NASDAQ:HLIT) dropped 6.2% on Friday . The company traded as low as $15.89 and last traded at $15.9390. Approximately 957,590 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 1,689,769 shares. The stock had previously closed at $17.00.

Wall Street Analysts Forecast Growth

HLIT has been the subject of a number of recent analyst reports. Barclays boosted their price objective on shares of Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Needham & Company LLC boosted their price objective on shares of Harmonic from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Wall Street Zen lowered shares of Harmonic from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 24th. Northland Securities set a $15.00 price objective on shares of Harmonic in a report on Tuesday, May 12th. Finally, Weiss Ratings lowered shares of Harmonic from a “hold (c)” rating to a “sell (d)” rating in a report on Friday, March 6th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.60.

Harmonic Stock Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27. The firm has a market cap of $1.64 billion, a P/E ratio of -40.90 and a beta of 1.24. The business’s 50-day simple moving average is $11.18 and its 200 day simple moving average is $10.40.

Insider Buying and Selling

In other Harmonic news, SVP Neven Haltmayer sold 31,766 shares of Harmonic 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 sale, the senior vice president owned 133,924 shares of the company’s stock, valued at approximately $1,773,153.76. The trade was a 19.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $57,190.00. Following the completion of the sale, the director directly owned 20,752 shares of the company’s stock, valued at approximately $276,001.60. This trade represents a 17.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.74% of the company’s stock.

Institutional Investors Weigh In On Harmonic

Hedge funds have recently modified their holdings of the business. iSAM Funds UK Ltd bought a new stake in shares of Harmonic during the 3rd quarter valued at $49,000. Global Retirement Partners LLC grew its position in shares of Harmonic by 23,193.5% during the 4th quarter. Global Retirement Partners LLC now owns 7,221 shares of the communications equipment provider’s stock valued at $71,000 after acquiring an additional 7,190 shares during the period. KBC Group NV grew its position in shares of Harmonic by 130.7% during the 4th quarter. KBC Group NV now owns 7,476 shares of the communications equipment provider’s stock valued at $74,000 after acquiring an additional 4,236 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Harmonic during the 1st quarter valued at $75,000. Finally, Royal Bank of Canada grew its position in shares of Harmonic by 64.6% during the 4th quarter. Royal Bank of Canada now owns 7,645 shares of the communications equipment provider’s stock valued at $75,000 after acquiring an additional 3,000 shares during the period. Institutional investors 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.