Walleye Capital LLC Sells 677,212 Shares of Harmonic Inc. $HLIT

Key Points

• Walleye Capital LLC sharply cut its Harmonic stake by 93.2% in the first quarter, selling 677,212 shares and leaving it with 49,021 shares valued at about $440,000.
• Despite the selling, institutional ownership remains very high, with 99.38% of Harmonic’s stock held by institutions; several firms, including Jane Street, UBS AM, and Norges Bank, also increased or initiated positions.
• Analyst sentiment is mixed but leaning positive, with a consensus rating of “Moderate Buy” and an average price target of $16.60, while shares recently traded at $11.19, below the target range.

Walleye Capital LLC decreased its holdings in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 93.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,021 shares of the communications equipment provider's stock after selling 677,212 shares during the quarter. Walleye Capital LLC's holdings in Harmonic were worth $440,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HLIT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Harmonic by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider's stock worth $630,000 after buying an additional 2,853 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Harmonic by 9.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider's stock valued at $3,390,000 after acquiring an additional 31,276 shares during the period. Jane Street Group LLC lifted its position in Harmonic by 978.5% during the first quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider's stock worth $2,373,000 after acquiring an additional 224,534 shares during the last quarter. American Century Companies Inc. lifted its position in Harmonic by 239.3% during the second quarter. American Century Companies Inc. now owns 110,892 shares of the communications equipment provider's stock worth $1,050,000 after acquiring an additional 78,214 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Harmonic during the second quarter worth approximately $1,426,000. 99.38% of the stock is owned by institutional investors.

Harmonic Stock Performance

NASDAQ:HLIT opened at $11.19 on Friday. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -30.24 and a beta of 1.29. Harmonic Inc. has a fifty-two week low of $7.80 and a fifty-two week high of $17.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27. The stock has a fifty day moving average price of $14.17 and a 200-day moving average price of $11.61.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 31,766 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total transaction of $420,581.84. Following the completion of the sale, the senior vice president owned 133,924 shares of the company's stock, valued at $1,773,153.76. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephanie Copeland sold 4,300 shares of the 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 sale, the director owned 20,752 shares in the company, valued at $276,001.60. The trade was a 17.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.74% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on HLIT. Jefferies Financial Group reissued a "hold" rating and set a $15.00 price target on shares of Harmonic in a report on Tuesday, May 12th. Wall Street Zen upgraded Harmonic from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 6th. Zacks Research raised shares of Harmonic from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 25th. Weiss Ratings upgraded shares of Harmonic from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, July 17th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $20.00 price objective on shares of Harmonic in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Harmonic presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.60.

Harmonic 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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