Harmonic (HLIT) Stock Rating Lowered by BidaskClub

BidaskClub lowered shares of Harmonic (NASDAQ:HLIT) from a buy rating to a hold rating in a report issued on Tuesday morning.

Other analysts also recently issued research reports about the company. ValuEngine raised Harmonic from a buy rating to a strong-buy rating in a research note on Tuesday, September 4th. TheStreet raised Harmonic from a d rating to a c- rating in a research note on Monday, July 30th. Northland Securities set a $7.00 price target on Harmonic and gave the company a buy rating in a research note on Thursday, August 2nd. Zacks Investment Research downgraded Harmonic from a hold rating to a sell rating in a research note on Thursday, August 2nd. Finally, Loop Capital began coverage on Harmonic in a research note on Thursday, September 20th. They issued a buy rating and a $8.25 price target on the stock. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Harmonic has an average rating of Buy and an average target price of $7.17.

HLIT opened at $5.60 on Tuesday. Harmonic has a 1 year low of $2.90 and a 1 year high of $6.32. The stock has a market capitalization of $482.91 million, a price-to-earnings ratio of -10.37 and a beta of 0.67. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.19 and a current ratio of 1.36.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, October 29th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03. Harmonic had a negative return on equity of 5.97% and a negative net margin of 9.26%. The firm had revenue of $101.40 million for the quarter, compared to the consensus estimate of $99.46 million. During the same quarter last year, the business posted ($0.01) EPS. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, analysts expect that Harmonic will post -0.04 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in HLIT. Principal Financial Group Inc. grew its holdings in shares of Harmonic by 5.5% in the 1st quarter. Principal Financial Group Inc. now owns 644,105 shares of the communications equipment provider’s stock valued at $2,448,000 after acquiring an additional 33,348 shares in the last quarter. Algert Global LLC bought a new position in shares of Harmonic in the 2nd quarter valued at about $488,000. SG Americas Securities LLC bought a new position in shares of Harmonic in the 2nd quarter valued at about $138,000. Spark Investment Management LLC grew its holdings in shares of Harmonic by 55.8% in the 2nd quarter. Spark Investment Management LLC now owns 149,900 shares of the communications equipment provider’s stock valued at $637,000 after acquiring an additional 53,700 shares in the last quarter. Finally, Royce & Associates LP grew its holdings in shares of 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 acquiring an additional 59,651 shares in the last quarter. Institutional investors own 87.03% of the company’s stock.

About Harmonic

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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