Bank of America Corp DE Purchases New Position in Harmonic Inc. $HLIT

Key Points

• Bank of America purchased 217,192 Harmonic shares worth approximately $3.55 million, while other institutions also established new positions. Institutional investors now own 99.38% of HLIT.
• Harmonic reported quarterly EPS of $0.24, exceeding the $0.17 consensus estimate, while revenue rose 53.5% year over year to $133.46 million.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $17.50, compared with HLIT’s recent price of $10.55.

Bank of America Corp DE bought a new position in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 217,192 shares of the communications equipment provider's stock, valued at approximately $3,547,000. Bank of America Corp DE owned about 0.20% of Harmonic at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Man Group plc bought a new position in shares of Harmonic during the 2nd quarter worth about $2,067,000. Jupiter Topco LLC acquired a new position in shares of Harmonic in the second quarter valued at $725,000. Hsbc Holdings PLC acquired a new position in shares of Harmonic in the second quarter valued at $1,360,000. Legal & General Group Plc bought a new position in Harmonic in the second quarter worth $3,991,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Harmonic in the 2nd quarter valued at $536,000. 99.38% of the stock is currently owned by institutional investors.

Harmonic Price Performance

HLIT opened at $10.55 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.05 and a quick ratio of 2.56. The company's 50 day simple moving average is $11.75 and its 200-day simple moving average is $12.16. Harmonic Inc. has a one year low of $8.47 and a one year high of $17.68. The stock has a market capitalization of $1.15 billion, a P/E ratio of -25.12 and a beta of 1.32.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The communications equipment provider reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.07. Harmonic had a positive return on equity of 10.91% and a negative net margin of 8.50%.The firm had revenue of $133.46 million for the quarter, compared to the consensus estimate of $120.89 million. During the same quarter in the prior year, the business earned $0.09 EPS. The business's revenue for the quarter was up 53.5% compared to the same quarter last year. Harmonic has set its Q3 2026 guidance at 0.150-0.190 EPS and its FY 2026 guidance at 0.670-0.750 EPS. Sell-side analysts anticipate that Harmonic Inc. will post 0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on HLIT. Needham & Company LLC reiterated a "buy" rating on shares of Harmonic in a research report on Thursday, August 13th. Raymond James Financial reiterated an "outperform" rating and issued a $19.00 price objective on shares of Harmonic in a research note on Thursday, August 13th. Zacks Research lowered Harmonic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 24th. Weiss Ratings cut Harmonic from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, September 22nd. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $20.00 target price on shares of Harmonic in a report on Wednesday, September 16th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $17.50.

Harmonic Company Profile

Harmonic Inc NASDAQ: HLIT develops broadband access and video delivery solutions for communications and media companies. Its broadband portfolio includes the CableOS platform, which supports virtualized and software-based cable access networks, along with technologies for fiber, hybrid fiber-coaxial and distributed access architectures. These solutions are designed to help service providers expand network capacity, improve operating flexibility and deliver high-speed broadband services.

Harmonic also provides video infrastructure and software for broadcasters, streaming providers, pay-TV operators and other media organizations.

Want to see what other hedge funds are holding HLIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harmonic Inc. (NASDAQ:HLIT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.