Harmonic (HLIT) Downgraded to Buy at ValuEngine

Harmonic (NASDAQ:HLIT) was downgraded by investment analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Thursday.

HLIT has been the topic of a number of other reports. BidaskClub upgraded Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Zacks Investment Research lowered Harmonic from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Northland Securities set a $7.00 price target on Harmonic and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Loop Capital assumed coverage on Harmonic in a research report on Thursday, September 20th. They set a “buy” rating and a $8.25 price target on the stock. Finally, TheStreet upgraded Harmonic from a “d” rating to a “c-” rating in a research report on Monday, July 30th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $7.17.

Shares of HLIT traded up $0.54 during mid-day trading on Thursday, reaching $6.16. The company had a trading volume of 1,688,993 shares, compared to its average volume of 340,026. Harmonic has a twelve month low of $2.90 and a twelve month high of $6.23. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.36 and a quick ratio of 1.12.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, October 29th. The communications equipment provider reported $0.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.03. The business had revenue of $101.40 million for the quarter, compared to analyst estimates of $99.46 million. Harmonic had a negative return on equity of 5.97% and a negative net margin of 9.26%. Harmonic’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.01) EPS. As a group, research analysts forecast that Harmonic will post -0.04 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Harmonic by 8.3% in the 2nd quarter. BlackRock Inc. now owns 11,494,321 shares of the communications equipment provider’s stock valued at $48,852,000 after buying an additional 879,583 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Harmonic by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,451,699 shares of the communications equipment provider’s stock valued at $27,419,000 after buying an additional 158,449 shares during the last quarter. Divisar Capital Management LLC boosted its position in Harmonic by 33.4% in the 2nd quarter. Divisar Capital Management LLC now owns 3,371,972 shares of the communications equipment provider’s stock valued at $14,331,000 after buying an additional 844,508 shares during the last quarter. Royce & Associates LP boosted its position in Harmonic by 3.7% in the 2nd quarter. Royce & Associates LP now owns 1,680,250 shares of the communications equipment provider’s stock valued at $7,141,000 after buying an additional 59,651 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Harmonic by 604.6% in the 2nd quarter. Millennium Management LLC now owns 1,603,355 shares of the communications equipment provider’s stock valued at $6,814,000 after buying an additional 1,375,807 shares during the last quarter. Hedge funds and other institutional investors own 86.33% of the company’s stock.

Harmonic Company Profile

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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