Harmonic (NASDAQ:HLIT) Sees Unusually-High Trading Volume

Harmonic Inc (NASDAQ:HLIT) shares saw strong trading volume on Wednesday . 6,538,000 shares changed hands during trading, an increase of 974% from the previous session’s volume of 608,990 shares.The stock last traded at $6.76 and had previously closed at $6.66.

HLIT has been the subject of several analyst reports. Raymond James increased their price objective on Harmonic from $6.75 to $9.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Needham & Company LLC restated a “buy” rating and set a $10.00 target price (up from $7.00) on shares of Harmonic in a research note on Tuesday, July 30th. BidaskClub lowered Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday. Stifel Nicolaus upped their target price on Harmonic from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, ValuEngine cut Harmonic from a “buy” rating to a “hold” rating in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $8.70.

The stock’s 50 day simple moving average is $6.96 and its 200-day simple moving average is $6.07. The firm has a market cap of $605.76 million, a price-to-earnings ratio of 225.33, a price-to-earnings-growth ratio of 10.19 and a beta of 0.88. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.14 and a current ratio of 1.34.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, July 29th. The communications equipment provider reported ($0.07) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. Harmonic had a negative net margin of 7.27% and a negative return on equity of 3.72%. The business had revenue of $84.87 million during the quarter, compared to the consensus estimate of $85.07 million. During the same period in the previous year, the firm posted $0.05 earnings per share. The business’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 fiscal year.

In other Harmonic news, SVP Neven Haltmayer sold 30,000 shares of Harmonic stock in a transaction dated Tuesday, August 6th. The stock was 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 legal filing with the SEC, which is accessible through this hyperlink. Insiders own 6.40% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aperio Group LLC purchased a new position in shares of Harmonic during the 2nd quarter valued at approximately $29,000. Quantamental Technologies LLC purchased a new stake in shares of Harmonic during the 2nd quarter worth about $33,000. Tower Research Capital LLC TRC boosted its stake in shares of Harmonic by 562.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the communications equipment provider’s stock worth $47,000 after acquiring an additional 7,170 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Harmonic by 308,766.7% during the 2nd quarter. Bank of Montreal Can now owns 9,266 shares of the communications equipment provider’s stock worth $52,000 after acquiring an additional 9,263 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new stake in shares of Harmonic during the 2nd quarter valued at about $77,000. Institutional investors and hedge funds own 89.97% of the company’s stock.

About Harmonic (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.

Featured Story: What Are Treasury Bonds?

Receive News & Ratings for Harmonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic and related companies with MarketBeat.com's FREE daily email newsletter.