Harmonic Inc. (HLIT) Shares Down 2.3%
Shares of Harmonic Inc. (NASDAQ:HLIT) fell 2.3% during mid-day trading on Wednesday . The stock traded as low as $4.68 and last traded at $4.70, with a volume of 135,540 shares changing hands. The stock had previously closed at $4.81.
Several research firms have issued reports on HLIT. TheStreet raised Harmonic from a “sell” rating to a “hold” rating in a report on Tuesday, August 30th. Zacks Investment Research raised Harmonic from a “hold” rating to a “buy” rating and set a $4.75 price target for the company in a report on Monday, August 15th. Jefferies Group reissued a “hold” rating and set a $3.50 price target on shares of Harmonic in a report on Wednesday, August 10th. Finally, Drexel Hamilton raised Harmonic from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a report on Wednesday, August 10th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $4.81.
The firm’s market capitalization is $363.62 million. The firm has a 50-day moving average price of $4.09 and a 200-day moving average price of $3.35.
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Several hedge funds have recently bought and sold shares of HLIT. Algert Global LLC boosted its stake in Harmonic by 9.8% in the first quarter. Algert Global LLC now owns 47,643 shares of the company’s stock worth $156,000 after buying an additional 4,243 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Harmonic by 17.6% in the first quarter. JPMorgan Chase & Co. now owns 697,561 shares of the company’s stock worth $2,281,000 after buying an additional 104,400 shares during the period. Royce & Associates LP raised its position in shares of Harmonic by 63.2% in the first quarter. Royce & Associates LP now owns 1,786,757 shares of the company’s stock worth $5,843,000 after buying an additional 692,000 shares during the period. Menta Capital LLC purchased a new position in shares of Harmonic during the first quarter worth about $346,000. Finally, AXA purchased a new position in shares of Harmonic during the first quarter worth about $875,000. 94.76% of the stock is owned by hedge funds and other institutional investors.
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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