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.
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.