Harmonic Inc. $HLIT Shares Acquired by Renaissance Technologies LLC

Key Points

• Renaissance Technologies more than doubled its Harmonic position in the first quarter, purchasing 575,800 additional shares to reach 1.05 million shares, or approximately 0.97% of the company.
• Institutional ownership remains very high at 99.38%, with Vanguard, Tudor Investment and LSV Asset Management among other investors increasing their stakes.
• Analyst sentiment is mixed: Harmonic has a consensus “Hold” rating and a $16.60 price target, while the stock recently opened at $11.55. Two company insiders also sold shares in May.

Renaissance Technologies LLC lifted its position in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 120.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,052,927 shares of the communications equipment provider's stock after purchasing an additional 575,800 shares during the quarter. Renaissance Technologies LLC owned about 0.97% of Harmonic worth $9,455,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of HLIT. Vanguard Group Inc. raised its position in Harmonic by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 12,022,963 shares of the communications equipment provider's stock worth $118,907,000 after buying an additional 148,281 shares during the last quarter. Tudor Investment Corp ET AL boosted its holdings in shares of Harmonic by 18.3% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,013,492 shares of the communications equipment provider's stock valued at $10,317,000 after acquiring an additional 156,862 shares during the last quarter. Econ Financial Services Corp purchased a new stake in shares of Harmonic in the 1st quarter valued at $885,000. Globeflex Capital L P acquired a new stake in shares of Harmonic in the fourth quarter worth $840,000. Finally, LSV Asset Management increased its stake in shares of Harmonic by 799.2% in the fourth quarter. LSV Asset Management now owns 114,200 shares of the communications equipment provider's stock worth $1,129,000 after acquiring an additional 101,500 shares during the period. Institutional investors and hedge funds own 99.38% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on HLIT. Needham & Company LLC boosted their target price on shares of Harmonic from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Tuesday, May 12th. Northland Securities set a $15.00 price target on Harmonic in a research report on Tuesday, May 12th. Zacks Research lowered Harmonic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 24th. Weiss Ratings raised Harmonic from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, July 17th. Finally, Wall Street Zen downgraded Harmonic from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Harmonic has a consensus rating of "Hold" and a consensus price target of $16.60.

Harmonic Price Performance

NASDAQ:HLIT opened at $11.55 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.27 and a quick ratio of 2.03. The company has a 50 day moving average price of $13.99 and a 200-day moving average price of $11.67. Harmonic Inc. has a 1-year low of $8.25 and a 1-year high of $17.68. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -31.22 and a beta of 1.32.

Insider Buying and Selling at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 31,766 shares of Harmonic stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total value of $420,581.84. Following the completion of the transaction, the senior vice president owned 133,924 shares of the company's stock, valued at approximately $1,773,153.76. The trade was a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephanie Copeland sold 4,300 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $13.30, for a total transaction of $57,190.00. Following the completion of the transaction, the director owned 20,752 shares of the company's stock, valued at approximately $276,001.60. This trade represents a 17.16% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.74% of the stock is currently owned by company insiders.

Harmonic Company Profile

Harmonic Inc NASDAQ: HLIT is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company's portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic's product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.

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